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

People & Company News

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Savannah Harbor Expansion Project Update

Lt. Gen. Thomas Bostick, commander of the U.S. Army Corps of Engineers, visited the Port of Savannah on Thursday, for an update on the Savannah Harbor Expansion Project (SHEP).

Marine Propulsion

New Ferry Safety Initiative from RINA

Italy-based classification society RINA informs it has launched a ferry safety initiative.    The Asset Integrity Management scheme for ro-pax ferries covers fire risk mitigation,

Korean Register Opens Green-ship Certification Center

The Korean Register informs it has formally opened the Green-ship Equipment Test Certification Center in Gunsan, Jeonbuk, Korea.   This large-scale facility will

GE Gas Turbine to Power USCG Cutter

GE LM2500 gas turbine to power United States Coast Guard‘s eighth National Security Cutter   GE Marine reports that its LM2500 gas turbine will power the United

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1973 sec (5 req/sec)