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

Finance

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

MSC Upgrades Europe-West Africa Service

As part of our objective to continually improve our services to customers, MSC is delighted to announce an upgrade to its Angola Express service with a first

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

Container Ships

MSC Upgrades Europe-West Africa Service

As part of our objective to continually improve our services to customers, MSC is delighted to announce an upgrade to its Angola Express service with a first

Hapag-Lloyd Adds 6,000 Reefer Containers

In order to profit from the growing reefer markets in South America and Asia, Hapag-Lloyd has ordered 6,000 cutting-edge reefer containers – more than ever before in the company’s history.

Port Pipavav Berths its Largest Box Ship

APM Terminals Pipavav (Gujarat Pipavav Port Ltd.), a gateway port in western India, has berthed the largest container vessel in the Port Pipavav’s history, the terminal announced today.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2135 sec (5 req/sec)