P&I: UK Club Increases 2014 Renewal Rate 10%
The UK Club Board has decided on a general increase for 2014 renewal of 10 per cent. This across the board premium rating increase is in addition to any increase in the cost of the International Group reinsurance.
Overall, the Club’s financial position remains strong with the free reserves and capital standing at US$473 million and total assets of US$1.6 billion as at 20 August 2013. Since these figures were recorded at the half year, the position has improved with investment income increasing from $6 million to $33 million.
The UK Club confirms that its Standard and Poor’s rating is A- (Strong) Outlook: Positive.
In addition, seven new Directors have joined the UK Club Board
• Sheikh Talal Al-Khalid Al Sabah of Kuwait Oil Tanker Company;
• Ms Angela Chao of Foremost Group, New York;
• Michael Fostiropoulos of Almi Tankers, Athens;
• Polys Hajioannou of Safe Bulkers, Athens;
• Edouard Louis-Dreyfus of Louis Dreyfus Armateurs, Paris;
• Paul Wogan of Gaslog, Monaco;
• Riad Zein of Naftomar Shipping & Trading, Athens
The Club Board also confirmed that the announcement of its financial position at the half year will be published in the Club’s 'October Review 2013'.