Marine Link
Wednesday, December 7, 2016

UK P&I Club Announces Positive Renewal

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 Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News