London Club Confirms General Increase

Wednesday, November 05, 2003
The London Club has announced a general increase of 15 per cent in its advance call for the 2004/2005 policy year. Meanwhile, the Club has also confirmed that supplementary calls for all open underwriting years remain unchanged. The move to raise rates follows on from an increase in free reserves to USD 82.7m at the end of the 2002/2003 financial year. Paul Hinton, Chief Executive of the Club's managers, A Bilbrorough & Co, emphasised that the increase is a precautionary measure to ensure the continued financial security of the Club. "Despite the modest increase in the Club's reserves which has been achieved, it is important to reduce the risk of erosion in the future," he said. "Various claims forecasts were considered, and together with the uncertainty of future investment returns, this has resulted in the committee authorising a general increase in the advance call." Any increase in the cost of the Club's share of the International Group's excess loss reinsurance programme, which has not yet been determined, will also apply. The advance calls will now be paid in two instalments. The advance supplementary call, payable in October, will now be known as the "deferred call". This more clearly shows that the call is a part of the estimated total call, as budgeted at the beginning of the year.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Academy Cadet to Receive Fulbright Scholarship

Stephen Horvath, a first class cadet at the U.S. Coast Guard Academy, was recently granted a two-year Fulbright Scholarship to study renewable energy technologies

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Marine Propulsion

Wärtsilä's' New Plant in Brazil

Following an investment of 20 million euros, Wärtsilä's' new unit will produce and test motor generators and thrusters   Wärtsilä's first unit at Porto do Açu in São João da Barra (RJ),

Kvichak to Build Catamaran Research Vessel

Kvichak Marine Industries, Inc. was recently awarded a contract for construction of a 60’ aluminum catamaran research vessel for the California Department of Water

Rolls-Royce to Supply Engines for First Seabed Mining Vessel

Rolls-Royce has secured a landmark agreement to supply six of its new B33:45 medium-speed diesel generator sets to China’s Fuijan Mawei shipyard for configuration

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.1994 sec (5 req/sec)