Club Directors News

While Posidonia is well regarded for its exhibition, it is famous for its parties. The American Club held its traditional party on the evening of Thursday, May 29, to mark the start of Posidonia week, with more than 600 guests from the club’s expanding Greek membership, as well as club directors and representatives from the Greek maritime industry, attended a buffet reception on the rooftop of the Royal Olympic Hotel in central Athens. The occasion proved to be an ideal opportunity for the club’s leading underwriter…

The American Club held its traditional party on the evening of Thursday, May 29 to mark the start of Posidonia week. More than 600 guests from the club’s expanding Greek membership, as well as club directors and representatives from the Greek maritime industry, attended a buffet reception on the rooftop of the Royal Olympic Hotel in central Athens. The event was also attended by Miltiades Varvitsiotis, the Greek Minister of Shipping and the Aegean, together with senior diplomats from the U.S. Embassy to Greece.

The Strike Club reported a strong start to its new policy year that commenced on February 1, with continuing demand for its mutual entries and fixed-premium products covering war risks, loss of earnings and profit protection for time-charterers. When the club’s directors met recently in Hong Kong they noted an encouraging renewal rate of 99% among mutual members (by premium) for the 2014/15 year. Further, despite the challenging trading environment, the club continues to maintain its reserves, on a combined basis, at $35m. And the club retains its S&P rating of BBB+ with stable outlook. In Hong Kong, the directors reviewed the future structure of the club in view of the increasing EU insurance regulatory climate under Solvency ll (now delayed until 2016).

The Strike Club, an insurer of shipowners and charterers seeking insurance protection against delays in the marine trades, is experiencing a stronger uptake of its covers, whether for mutual entries or for the fixed-premium covers for war risks, loss of earnings (LoE) and bespoke delay risks. LoE business is particularly strong, and the club now offers an increased limit of $4 million each incident (up from $3.375 million). The club, now in its 56th year of trading, has an S&P rating of BBB+ with stable outlook. This was reconfirmed by the rating agency after it announced new criteria for the rating of insurance companies, including 14 marine mutual insurers.

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.

The early months of 2013 have been marked by damaging labor strike action in several countries which has punished shipowners and charterers even though they are innocent parties, says The Strike Club, the market leader for delay insurance for the marine trades. Some of the worst trouble spots in recent weeks have been in South America, particularly Chile where a three-week strike crippled the country’s key ports, blocking exports of copper (Chile is the world’s largest producer of this metal), fruit and wood products. Chile’s business leaders estimated the country lost more than $200 million a day due to the conflict. There has been a miners’ strike in Colombia…

The American P&I Club is this month launching an ambitious initiative aimed at feeding 100 needy families for 100 days in embattled Greece, as well as supporting children with special needs. In a link-up with three long-established charities in Greece, the club will launch its campaign at an evening roof garden reception in central Athens on Thursday, May 31, to mark the start of Posidonia 2012 that will take place the following week. After careful research by a donation project committee comprising three Greek members of the club’s board of directors and representatives of the managers…

Managers of The Strike Club were able to give an upbeat report to the club’s directors when they met in Istanbul. Ongoing increased demand for the club’s various insurance covers has resulted in strong growth and a very positive renewal in February for the 2012/13 year. Further, free reserves rose by $2.5m. during the latest financial year, and the club has maintained its S&P rating at BBB+ with a stable outlook. The mutual renewal was stamped by a 92% retention rate despite the…

UK P&I Club announces 3 per cent general increase for 2012. The premium rating of all UK P&I Club Members will be increased by three per cent from 20th February 2012. This was agreed by the UK Club’s Directors at their meeting in Athens on 17th October. This decision was taken in response to continuing underlying claims inflation. Although the frequency of claims had reduced significantly in 2009, 2010 and 2011, the average cost per claim has continued to increase over this period.

A charity fund set up by North P&I club last year as part of its 150th anniversary initiatives has raised a total of US$150 000 for maritime and local charities. Chairman Albert Engelsman of Dutch shipping group Wagenborg presented US$50 000 cheques today (29 March) to international maritime welfare charity the Sailors’ Society and the UK’s Royal National Lifeboat Institution (RNLI), which provides a 24-hour lifeboat search and rescue service around the British coastline. A further…

Alan Wilson and Paul Jennings became joint managing directors of the ‘A’ rated, 100 million GT North of England P&I club 18 September 2009 following the retirement of Rodney Eccleston after 21 years at the helm. Club chairman Albert Engelsman congratulated former deputies Wilson and Jennings on their appointments, which mirror the successful joint leadership role played by Eccleston and Peter Crichton for 18 years until Crichton’s retirement in 2006. Wilson joined North in 1981 after qualifying as a chartered accountant with Binder Hamlyn. He was appointed finance manager and company secretary in 1988 and subsequently became finance director of the club’s new wholly-owned management company, North Insurance Management Limited (NIML) in 2000.

Greek members of the ‘A’ rated, 100 million GT North of England P&I club bid farewell yesterday  to managing director Rodney Eccleston during a reception at the British Embassy in Athens. It was Eccleston’s last official event in Greece before he hands over to deputies Paul Jennings and Alan Wilson when he retires in September this year. Addressing around 300 members and their guests, Jennings reciprocated the welcome by British Ambassador Dr David Landsman and paid tribute to Eccleston’s successful tenure as managing director. ‘North has expanded and grown in strength significantly over the past ten years, and we will continue to base all of our operations on high-quality membership, excellent service and prudent finances.

International Group's 2004 reinsurance programme. and claims. 22nd) in a circular to Members. cent recorded for the seven months from February to September. at nil. However, there is now clear evidence of an increasing trend in claims. increase in the cost of claims falling on the 2002 year. ship utilisation, will produce an increased level of claims. Group's reinsurance arrangements for 2004. structure of the reinsurance arrangements are not clear). financial strength. fourth by 1st December in the following year (2005). supplementary premium is nil. return shown in the Club's half-year figures are very welcome. shipping market, is likely to continue into 2003. into next year.

A surge in the volume of fixed premium business managed by the UK P&I Club and the proportion accounted for by time chartering has highlighted the growth and complexity of insuring these types of shipping operation. The financial results for the year ended February 20th 2007, discussed by the UK Club’s directors earlier this month (May), revealed that $65 million of the Club’s total gross premium income ($358 million) was fixed premium business----and that two-thirds of this came from time charterers. Risk is increasing, not only through aggregations of value carried on ever larger ships and increasing commodity prices but also because of significant claims inflation.

Dr William H Moore will shortly be joining Shipowners Claims Bureau Inc. (SCB), managers of the American P&I Club, to take charge of its growing technical, safety and loss prevention activities. Dr Moore joins SCB from the Bergen office of Gard Services AS, where, as a vice president, he has had responsibility for the loss prevention, risk assessment and technical services of Gard’s substantial P&I and hull/machinery portfolios. An American, Dr Moore, 41, holds a doctorate in engineering, naval architecture and offshore engineering from the University of California at Berkeley, together with a master’s degree from the Massachusetts Institute of Technology.

International Transport Intermediaries Club (ITIC). manager who faces fines or prosecution as a result. discharge into the sea. ITIC. operators of the ship. liable and will therefore face a fine. funds to deal with fines and costs. default if the crew has been selected or directly employed by the manager. 98 or a contract which is very similar," says the Club. to the discretion of the P&I Club's directors. be sought until the matter is concluded. costs involved. other ships under the same management. management.