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

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

Container Ships

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

BIMCO: Containership Scrapping Heats Up

As the containershipping market continues to drift through a prolonged downturn premised on overcapacity a subdued world economy, BIMCO reports a glimmer of

Xeneta: No Silver Lining for Container Shipping in Brexit Storm

Xeneta, a  global benchmarking and market intelligence platform for containerized ocean freight, believes that the UK’s decision to leave the European Union will

 
 
Maritime Contracts Maritime Security Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.0857 sec (12 req/sec)