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Andrew Ward News

27 Apr 2014

‘Excellent’ rating for UK War Risks

The UK War Risks Club announced the affirmation of its A- ‘Excellent’ financial strength rating with a ‘Stable’ outlook from the insurance rating agency AM Best. Club Manager Andrew Ward welcomed this confirmation of the Club’s financial rating: “The continuing ‘Excellent’ rating by AM Best re-affirms the UK War Risks Club’s financial strength and stability. Despite the volatility of this sector, the UK War Risks Club continued its policy of returning premiums to Members at the 2014 renewal, as well as reducing its annual rates to Members. It remains committed to providing high quality cover and service at competitive rates.

03 Jun 2013

Hellenic War Risks Club Reduces Member Premiums

Members of the Hellenic War Risks Club will be paying 50% less annual premium for their war risks insurance following a decision by Club Directors to waive the second instalment of the 2013 annual premium. The Directors’ decision, advised to Members by circular on 31 May, has the effect of reducing 2013 annual rates by just over 50%. Annual premium is payable pro-rata daily, and the second instalment covers the period from July 1 - December 31, 2013. The rate reduction reflects the Hellenic’s strong financial position. The Club’s Review of 2012 announces a surplus of $13.2 million for the year including investment income, with reserves increasing to $98.4 million.

23 Jan 2009

UK War Risks Club Sets New Rates

The UK War Risks Club will return 10 percent of the net Advance Contribution paid by members for the 2008 policy year to all who renew for 2009. The directors’ decision reflects the projected operating result for the 2008 policy year which ends on February 20th. The return will be credited against the contribution required for the next policy year. Andrew Ward, Director of Underwriting at UK War Risks, said: "I am pleased to announce that the Club is able to make a return of call despite the challenging investment markets in 2008. The worldwide trading rate for passenger and cruise ships will be 0.0363 percent. Other ships will be subject to a worldwide rate of 0.0102 per cent and a restricted trading rate of 0.0051 per cent.