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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Mitsubishi to Build Diesel Oil Import Terminal in Australia

Japanese trading house Mitsubishi Corp said it is entering Australia's diesel market by building a $103 million gas oil import terminal to tap growing demand and

Volvo Penta Offer D4, D6 Series Engine Keel Cooling Option

Volvo Penta of the Americas has announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market.

Boscalis to Get IJsseldelta 'Room for the River' Contract

Royal Boskalis Westminster N.V. (Boskalis) say that the Dutch Department of Public Works and the province of Overijssel intends to award the contract for the IJsseldelta polder to them.

Marine Propulsion

Volvo Penta Offer D4, D6 Series Engine Keel Cooling Option

Volvo Penta of the Americas has announced the availability of a keel cooling option with D4 and D6 marine diesel engines to meet customer demands in the North American marine commercial market.

Wärtsilä's JV with CSSC to Expands Engines Range

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.

Wärtsilä and CSSC in 2-stroke engine JV

Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture, which will take over Wärtsilä’s 2-stroke engine business.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction 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: 0.1164 sec (9 req/sec)