Continuing Demand for Strike Club Covers Marine Supply Chains
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.
American Club Gets S&P Rating Boost
Under Standard & Poor’s Ratings Services’ latest review, the American P&I Club’s financial strength rating has been raised a full notch from BB+ to BBB-, an investment grade, with a stable outlook. This action follows a comprehensive review of the club’s current and prospective circumstances by reference to S&P’s new criteria for the rating of insurance companies which it has now extended to 14 marine mutual insurers. In their rationale for increasing the club’s rating to an investment grade…
Statement by Owners and Managers of RENA
Costamare Inc., Owners and Managers of the containership RENA thank authorities, salvors and the experts on site, who have been working tirelessly in order to salvage the vessel, its cargo and fuel oil and reduce the environmental consequences of the regrettable grounding. We also wish to thank the numerous volunteers for their extraordinary efforts in the clean-up operations, which by all accounts, have made a huge difference. At present, the key priority is the completion of the de-bunkering operations, which Owners and Managers are following closely and supporting the salvors in their complex task. We wish to stress that Costamare has a long history of environmental sensitivity and takes this casualty with the utmost seriousness.
IACS Appoints Leslie as Permanent Secretary
Richard Leslie has been appointed as permanent secretary of the International Association of Classification Societies (IACS). Hi will succeed Robin Bradley, who is retiring. Leslie, a former Chief Executive of British Marine Mutual, will join the IACS Secretariat in London and will take over the post of Permanent Secretary towards the end of the year. Richard Leslie headed British Marine Mutual Insurers of c.8000 ships worldwide from 1992 to 2001. Previously, he was managing director of the offshore electronics and survey group Oceonics. Prior to his move to Oceonics, he spent some years with Christian Salvesen’s specialist shipping companies.
