London Club Confirms General Increase

Thursday, November 14, 2002
The London Club has announced a general increase of 25 percent in its advance call for the 2003/04 policy year. Meanwhile, the Club has also confirmed that supplementary calls for all open underwriting years remain unchanged. Paul Hinton, Chief Executive of the Club's managers, A Bilbrough & Co, says, "The almost unprecedented failure in the last three years of the investment markets to produce budgeted returns means that a substantial upward correction of premium levels has been required. Considerable progress has already been made but, in the context of continuing investment market uncertainty, more needs to be done. "Any increase in the cost of the Club's share of the International Group's excess loss reinsurance program, which has not yet been determined, will also apply. Advance and supplementary calls will continue to be levied in installments on the same basis as applies in the current year." While acknowledging that the decision to raise premiums would be unwelcome news for members, Hinton said the Club Committee was nevertheless firmly of the view that it was in both the Club's and the members' best interests to ensure that the Club's financial position remained sound.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Tanker Trends

Fredriksen eyes Takeover of Flex LNG

Shipping tycoon John Fredriksen is aiming to take control of Oslo-listed Flex LNG following his purchase of 12.7 million shares that brought his stake in the firm to 43.

A History of U.S. Oil Export Controls

On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war.

US Warns of Sanctions on Buyers of Islamic State Oil

The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1051 sec (10 req/sec)