London Club Confirms General Increase

Thursday, November 14, 2002
The London Club has announced a general increase of 25 percent in its advance call for the 2003/04 policy year. Meanwhile, the Club has also confirmed that supplementary calls for all open underwriting years remain unchanged. Paul Hinton, Chief Executive of the Club's managers, A Bilbrough & Co, says, "The almost unprecedented failure in the last three years of the investment markets to produce budgeted returns means that a substantial upward correction of premium levels has been required. Considerable progress has already been made but, in the context of continuing investment market uncertainty, more needs to be done. "Any increase in the cost of the Club's share of the International Group's excess loss reinsurance program, which has not yet been determined, will also apply. Advance and supplementary calls will continue to be levied in installments on the same basis as applies in the current year." While acknowledging that the decision to raise premiums would be unwelcome news for members, Hinton said the Club Committee was nevertheless firmly of the view that it was in both the Club's and the members' best interests to ensure that the Club's financial position remained sound.

People & Company News

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Simulators Sonar 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: 0.0709 sec (14 req/sec)