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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coldharbour Marine's New UK Office

Coldharbour Marine, long recognised for the design, manufacture and supply of inert gas and fluid handling equipment vessels (FPSOs) has moved into a new 25k sq.

Bangladesh Aims to be World's 'First Solar Nation

Residents of Islampur, a remote village in the northern Bangladeshi district of Naogaon, were stunned one night last summer when the darkness was suddenly illuminated

India Not Pressurized by US-China Deal

Indian Prime Minister Narendra Modi said a climate deal between the United States and China does not put pressure on India, but that global warming itself was reason to take action.

Marine Propulsion

Xunlong Shenzhen Orders Dutch-designed Ferry

CoCo Yachts B.V. inks contract with Xunlong Shenzhen Ferry Company for one Coastal Cruiser 300 Xunlong Shenzhen Ferry Company has ordered a Coastal Cruiser 300 ferry from CoCo Yachts,

Lindner Sees Strong 2015

On the last day of what proved to be a busy Workboat show in New Orleans, Mikael Lindner, President, Scania North America, sat with Maritime Reporter & Engineering

Vane Brothers Orders Two Tugs from Chesapeake

Chesapeake Shipbuilding has signed a contract with Vane Brothers to build two new tugs, marking the 13th and 14th tugs that Chesapeake will have built for Vane Brothers in the last several years.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1925 sec (5 req/sec)