UK Defense Club Announces Positive Financial Results

By Michelle Howard
Tuesday, June 10, 2014

The UK Defence Club, a provider of FD&D (legal costs) insurance to the maritime industry, announces its financial results for the year ended 20 February 2014.
 

Highlights:

  •  £18.8 million premium income, up 9% compared with 2012/13
  •  Total assets of £52.2 million
  •  Ratio of assets to liabilities is 188%
  •  Free reserves £24.5 million
  •  127 million GRT (owned)
  •  Net claims incurred, including claims provision, fell to £10.2m from £16.9m in 2012/13

 

M.G. Pateras, Chairman of the UK Defence Club, says: “We are in a strong financial position with £52.2 million assets under management and with free reserves of £24.5 million. The past 12 months have seen the UK Defence Club entered owned tonnage reach an all time high at 127 million GRT, in addition to a sizeable book of chartered business.


“Litigation is, however, an increasingly expensive proposition and a sound financial basis is crucial to the Club’s ability to support Members faced with litigation irrespective of the amounts involved. No two disputes are the same and I continue to be surprised by the legal issues that can arise. Claims have undoubtedly become more complex and expensive over the years while the cost of litigation should not be underestimated.


“London arbitration continues to be the forum where the majority of disputes are resolved. Concerns continue to exist about delays and the cost of litigation as highlighted in a number of debates we have held in 2013. The London Maritime Arbitration Association (‘LMAA’) continues to be held in high regard, however, to maintain its pre-eminence it does need to modernise and reflect modern practice, rather than reflect on the ideals of when it was set up in the 1960’s.


“Most of all, it needs to deal with references in a firm and purposeful way. I do at this point question how many solicitors and barristers have the same trepidation when dealing with arbitrations, and indeed arbitrators, as they do when before the English High Court and the judges who hear cases there.


“This is my last year as Chairman and I feel privileged to been Chairman of the Club for the past three years and have seen the Club continue to evolve to meet the needs of its Members.”


Daniel Evans, Chairman and Club Manager of the UK Defence Club, says: ““As the industry continues to develop and change we play a pivotal part in that development for the benefit of Member. We remain focused on supporting our Members and maintaining our position as the leading provider of FD&D insurance to the maritime industry.”

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

Legal

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Maritime NZ Oil Spill Response Review: Submissions

Maritime New Zealand (MNZ) says it invites submissions on its draft updated New Zealand Marine Oil Spill Response Strategy 2014 (the draft Strategy). The draft Strategy, (available at http://bit.

Finance

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Thome Is the First to Sign up to IMPA Act

Leading integrated ship management service provider Thome Ship Management has become the first ship management company to join IMPA ACT, the responsible supply chain management initiative,

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

News

House Subcommittee Hearing Highlights “Dismal State” of U.S. Icebreaking Capability

At the July 23, 2014, hearing of the House Subcommittee on Coast Guard and Maritime Transportation on “Implementing U.S. Policy in the Arctic” the committee chairman, Rep.

Iraqi Kurdish Oil Nears US Port Despite Concern in Washington

A tanker carrying crude oil from Iraqi Kurdistan is just two days away from arriving at a U.S. port, according to ship tracking satellites, despite Washington's

Phillips 66 Marine Fueling Facility Nears Completion

Phillips 66’s previously announced marine over-the-water fueling facility at its Richmond, Calif. terminal is nearing completion. The facility, located on Canal Boulevard, and known as Pier No.

Insurance

The Cause behind the Clause Piers & Docks Insurance

As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your

American Club Expands E-Learning Offering

The American P&I Club has added to its library of e-learning modules released in cooperation with IDESS IT in the Philippines. The new module covers compliance

Response Firm Coordinates Indian Ocean Rower Rescue

Global Rescue, a crisis response firm providing medical, security, evacuation, and travel risk management services, says it has coordinated the rescue of a rower

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1617 sec (6 req/sec)