Paul Sa News

The American Club is the first P&I insurer to set up a program for pre-employment medical examinations (PEME) in the Ukraine. Claims resulting from pre-existing illnesses have been a big problem for shipowners and P&I clubs alike. However, certain illnesses and medical conditions can be identified during a PEME, and the American Club plans to establish an ‘approved’ list of quality clinics in labour-supplying countries where club members employ seafarers. It is estimated that approximately 60% of the vessels entered with the club have Ukrainian and/or Filipino crews. Paul Sa, chairman of the American Club, said today: “In view of this, the directors have accepted the managers’ recommendation that the club initiates a clinic approval programme in the Ukraine and Philippines.

"An excellent start to 2005 and the new policy year" is how Joe Hughes, chief executive of managers Shipowners Claims Bureau Inc., describes the American Club's double achievement of the past week. On February 24, at London's Banqueting House in Whitehall, the club was voted the winner among four finalists for the P&I/Insurance Services Award at Lloyd's List's 2005 Awards covering 12 categories of the maritime industry. The P&I Award, sponsored by Clyde & Co., was presented to Paul Sa, the club's chairman, by Derek Hodgson, partner and head of the maritime transportation department at Clyde. Earlier the same week, the American Club had reported a successful outcome of the annual P&I renewal, which saw the club post a further increase in entered tonnage, to approximately 21.7 gross tons.

The American Club reported solid progress in its financial performance and business development at the annual meeting of its members in New York. In spite of challenges encountered early in 2004, the year ended on a high, with both tonnage and premium reaching record figures against a background of strong operating results. Paul Sa (Standard Shipping Inc.), the club’s chairman, told members: “Although somewhat negative conditions prevailed at the beginning of the year, the club’s fortunes improved steadily during the later part of 2004. Tonnage and premium continued to grow, funds under investment increased substantially and, by year-end, the club’s free reserves had hit a new high despite anaemic capital markets. “The first half of 2005 has also shown promise.

The American Club reported its results for 2002 at its annual meeting in New York. In addition to a further increase in entered tonnage, taking the club to a total of nearly 19m. gross tons, it also achieved a post-tax operating profit of $3.2m. despite difficult trading conditions. It was the second successive year to show an operating surplus, bucking an almost universal trend seen elsewhere in the market of year-on-year losses. The New York-based mutual once again saw its premium income rise – to $53.3m. from $41.5m – an uplift of 28%. Total assets grew by 15% (to $119.2m.), while free reserves rose by an identical margin of 15% to $20.3m.