Marine Link
Monday, December 5, 2016

London Club Confirms General Increase

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 Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News