UK P&I Club Announces Positive Renewal

Posted by Eric Haun
Tuesday, February 25, 2014

The UK P&I Club, one of the oldest shipping protection and indemnity mutual insurers, announced its renewal for 2014 following the closure of the renewal season on February 20:

  • Another positive result with a net increase of a million gross tons of mutual business
  • Mutual owned tonnage has increased by four per cent over the course of the 2013/14 year
  • Combined mutual owned and chartered tonnage now stands at 215 million gross tons
  • Estimated increase of renewal premium of seven percent.

For many UK Club Members, subdued earnings and a lingering shipping recession remain an unwelcome fact of life. However, UK Club premium needs to address underlying claims inflation, as well as a future pick up in claims frequency from what have been record low levels.

Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said, “It has been another good and solid renewal for the UK Club marked by continued controlled growth for a third year in succession whilst preserving a disciplined approach to underwriting. Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing Members and new business to the UK Club.”

ukpandi.com
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

KOTUG Begins Operations in Mozambique

KOTUG Mozambique has begun exclusive port and terminal towage services with two Rotortugs in the new port of Nacala-a-Velha in northern Mozambique for Nacala Development Corridor (CDN),

French Oil and Port Workers Vote to Begin New Strikes

Oil sector workers of French CGT and FO unions voted on Monday to begin a strike at Exxon Mobil's 240,000 barrels-per-day Port Jerome refinery in northern France, the unions said in a joint statement.

News

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

Sovcomflot IPO Soon

The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer.    Economy

BEST Sets Container Handling Record

Hutchison Port Holdings Limited (HPH) subsidiary Barcelona Europe South Terminal (BEST) achieved a new record when it moved 7,760 TEU on the call of MSC Beatrice.

Insurance

Towing Vessel Inspection Bureau Elects New Leaders

Towing Vessel Inspection Bureau Holds Annual Membership Meeting; Elects New Leadership and Votes to Proceed with a Third Party Organization Application to the Coast

NTSB Determines Faults Leading to Fatal Collision

In examining the deadly collision of tugboat/barge Caribbean Sea/The Resource with Amphibious Passenger Vehicle DUKW 34, the U.S. National Transportation Safety

London P&I Club Reports Increased Free Reserves

The London P&I Club’s result for the 2015/2016 financial year produced an overall operating surplus of $3.3 million, lifting the free reserve to $160.7 million.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0907 sec (11 req/sec)