North of England P&I Club’s Accounts Confirm Strong Year

Thursday, September 11, 2003
The North of England P&I club confirmed its emergence as one the world's strongest maritime insurers today (12 September 2003) with publication of its accounts for the 2002/2003 financial year. The A- rated shipping mutual reported another 12 months of solid growth in tonnage, income and reserves. Chairman George Procopiou confirmed in the club's 2003 'Management Report' that entered tonnage at the February 2003 renewal grew by 10% to 43 million GT, with 35 million GT owned and 8 million GT chartered. Gross premium income for all insurance classes rose by 25% in 2002/3 to US$ 133.1 million and the overall free reserve increased by 14.5% to US$ 99.6 million. Most growth came from existing members but Procopiou said the North of England would continue to look for suitable new members. 'As with any successful business, the club is reluctant to stand still so it continues to be acquisitive - but only in a highly targeted and selective way that builds on and complements the high quality membership,' he said. Finance director Alan Wilson said that the club's disciplined approach to underwriting, conservative claims reserving and a solid investment return of 4.82% had combined to provide a very satisfactory positive financial result. Paul Jennings, the club's underwriting director, said that the welcome renewal of the North of England' s retention reinsurance for a further three years with AA rated Swiss Re further complemented the club's financial position. Operating costs increased in line with tonnage growth such that the average expense ratio remained competitive at 9.3%. 'A programme of staff recruitment and internal systems refinement has enabled us to enhance service levels while keeping a close control on costs,' said claims director Andrew Taylor. The North of England currently insures a fleet of 45 million GT, with a total of 2600 ships entered by 400 members from throughout the world. It is the only P&I club - and one of few European insurers - to have been given a 'positive outlook' in 2003 from leading rating agency Standard and Poor's. The club is based in Newcastle-upon-Tyne in England with liaison offices in Greece and Hong Kong and a sister reinsurance company in Bermuda.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

Container Ships

Port of Oakland Plans for Terminal Closure

Port of Oakland sets plan to shift cargo when terminal closes; ships move to neighbor berths; Saturday and night gates to help cargo flow   The Port of Oakland

N.Korea Shipper Skirts UN Sanctions, Gets Port Access

A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation,

Containers to Be Weighed Before Departure

In a new measure aiming to minimize the number of shipping accidents, packed containers intended to be carried on international sea voyages must be weighed before being loaded, starting July 1, 2016.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0746 sec (13 req/sec)