North P&I Club Reports Another 'Stable' Result in a Challenging Year

Marinelink.com
Monday, July 15, 2013

The 170 million GT, ‘A’ rated North P&I club achieved another ‘stable’ result in a difficult financial year, says chairman Pratap Shirke in the club’s newly published Management Report 2013.
 


‘This has been a challenging year for the shipping industry as a whole, a year which has seen no abatement in the fragile and unstable global economy and further deterioration in the claims environment. Despite this, North is pleased to report another stable result, which has further consolidated our position as one of the leading P&I clubs’, he says.
 


Joint managing director Alan Wilson confirms, ‘Overall we are pleased to report a satisfactory financial result for the year to 20 February 2013, with an increase in premium income to US$365.3 million and a net investment income of US$8.5 million.


 
However, the high level of P&I claims and North’s significant contributions to the International Group of P&I Clubs’ pool claims led to a deficit of US$1.8 million. ‘We presented two pool claims in each of the last two years, but overall North remains a net contributor. This and our unusually high retained claims resulted in a modest fall in the free reserve from US$314 million to US$312.2 million, with a combined ratio of 104.2%.’


 
Joint managing director Paul Jennings says, ‘We nevertheless emerged from the renewal as one of the largest and most financially secure members of the International Group. Whilst our total tonnage of 170 million GT has shown little movement over the past 12 months, we have achieved a significant growth in premium income thanks to the overwhelming support of our membership.’


 
He says North will continue to adopt a very cautious financial approach, with a risk-averse investment policy, strong financial controls and cautious claims reserving methodology, with members’ claims reserved in the balance sheet at a very conservative 95% confidence level.


 
Shirke concludes, ‘North is in a sound financial position, with a quality membership and an outstanding reputation for service. But in view of the many challenges facing the shipping industry, we must continue to take appropriate and proactive steps to ensure the continued success of the club.
 


‘We have thus been embarking upon a series of efficiency initiatives, including comprehensive reviews of our management, operations and membership. These will all help us to realise our strategic vision for North, which is to be the most cost-effective marine insurance mutual providing the highest levels of service’.
 


He adds that the club is in its 22nd consecutive year of not burdening members with unbudgeted supplementary funding and has maintained its Standard & Poor’s ‘A’ (stable) rating for the ninth consecutive year.

 

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

People & Company News

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

News

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

HEADHUNTER Marine Sewage Treatment Systems

Headhunter’s team of engineers, fabricators, and wastewater specialists work together to provide innovative and efficient sewage treatment solutions.   Offering systems in three categories; STP,

Insurance

Hurricane-Strength Winds Batter European Ports, Traffic

Hurricane-force winds lashed parts of northern Europe on Tuesday, including Germany and the Netherlands, causing flights to be cancelled, snarling some train services and hitting port traffic.

Illegal Fishing Threatens to Revive Somali Piracy

Somali officials say foreign ships plundering fish stocks; Somali piracy greatly reduced due to security measures. A rise in illegal fishing off Somalia could spark a resurgence in piracy,

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

 
 
Maritime Careers / Shipboard Positions Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar 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: 0.1664 sec (6 req/sec)