North P&I Club Confirms 2011 Strategy
The ‘A’ rated 125 million GT North P&I club has confirmed its strategy for the start of its next 150 years will remain focused on service, strength and quality. Introducing the latest issue of the club’s magazine ‘North News’, chairman Albert Engelsman of Dutch shipping group Wagenborg says, ‘As we approach the end of an eventful year celebrating the club’s 150th anniversary, North stands by its core values of service, strength and quality.’
According to joint managing director Paul Jennings, ‘Our strategic aims for the foreseeable future are still based on three principles: maintaining our financial and service strength, expanding our product range and increasing owned tonnage. We continue to make significant progress in each of these three areas’.
The club has maintained its ‘A’ stable rating from Standard and Poor’s for the sixth consecutive year. In March 2011 it will move into a newly enlarged headquarters on Newcastle Quayside and total entered tonnage has grown 12% since the February 2010 renewal, recorded at 31 August 2010.
Joint managing director Alan Wilson reports that North’s financial position also continues to develop in a satisfactory manner. ‘Claims values for the 2010/11 policy year are encouraging and earlier policy years’ claims figures are developing as expected,’ he says.
The club’s investment portfolio returned +3.81% compared to the benchmark of +3.68% for the period to 31 October 2010, which equates to US$22.9 million. In May 2010 the club decided to spend its limited risk budget on an absolute return strategy as opposed to a long-only equity allocation, which currently accounts for 11.5% of the portfolio.
‘By continuing to focus on providing members with stability and security, we are confident we will consolidate our position as one of the principal P&I clubs in the International Group,’ concludes Engelsman.
North provides P&I insurance to 95 million GT of owned tonnage and 30 million GT of chartered tonnage, with 4250 ships entered by 375 members. The club is based in Newcastle upon Tyne, UK with regional offices in Hong Kong, Piraeus and Singapore.