Pratap Shirke News

North P&I Club has elected James Alexander Tyrrell as its new chair of the board, succeeding Pratap Shirke, in a change at the helm of the global marine insurer that also sees Ioanna Procopiou become the Club’s first female vice-chair.Tyrrell, a director of North member Arklow Shipping, takes up the role from February 4, having previously served as vice-chair of the North board. The formal announcement follows full approval by the Prudential Regulation Authority, which supervises around 1…

Directors of North P&I Club have decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/21 Policy Year. The increase is considered necessary to maintain the Club’s financial strength and stability in a climate of rising International Group Pool claims and premium erosion.According to North’s Chairman, Pratap Shirke, “The marine insurance landscape has been challenging, and during this time we have persisted with our strategy of preserving a balance between reliable financial management and our desire for controlled growth.

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.3 percent in the financial year ended February 20, 2016. This brings the combined ratio average of the past five years down to 95.7 percent, amongst the best in the International Group. The Directors approved North’s 2015/16 financial statements at their meeting on May 18, 2016. Commenting on the results, Chairman Pratap Shirke said, “This is a very pleasing set of results that reflects not only a more benign claims experience but also the prudent steps taken by the Club to improve underwriting performance and strengthen our capital position.

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million, an increase of 12 percent on last year and $20 million more than estimated at the half-year point. The directors also forecast that North’s combined ratio will improve from 109 percent to 87 percent this year. "The Club’s long-term average combined ratio is amongst the best within the International Group of P&I Clubs," Shirke said. He confirmed North has set a general premium increase of 2.5 percent for both P&I and freight, demurrage and defence (FD&D) for the 2016/17 policy year.

Unpredictable markets and continuing marine claims volatility means the international shipping industry is facing a particularly challenging time, says Pratap Shirke, chairman of North P&I club. His comments are published today (16 July 2015) in the 170 million GT, ‘A’ rated club’s 2015 Management Report. ‘Shipowners continue to operate in unpredictable shipping markets and the economic climate shows little signs of improvement,’ he says. He also notes that risk levels in the industry continue to be volatile, with North’s members experiencing an unusually high level of larger claims during the 2014/15 policy year. ‘The significant number of large claims in excess of US$1 million was unexpected…

Unpredictable markets and continuing marine claims volatility means the international shipping industry is facing a particularly challenging time, says Pratap Shirke, chairman of North P&I club. His comments are published today (16 July 2015) in the 170 million GT, ‘A’ rated club’s 2015 Management Report. ‘Shipowners continue to operate in unpredictable shipping markets and the economic climate shows little signs of improvement,’ he says. He also notes that risk levels in the industry continue to be volatile, with North’s members experiencing an unusually high level of larger claims during the 2014/15 policy year. ‘The significant number of large claims in excess of US$1 million was unexpected…

The 180 million GT, ‘A’ rated North P&I club has confirmed another ‘positive' financial result in its annual Management Report published today (7 August 2014). It has also set out a new proactive management strategy designed to ensure the club's continuing success. Chairman Pratap Shirke says, 'Overall this has been a very positive financial year for North, with a strong technical underwriting result. He said North achieved a breakeven result in the year to 20 February 2014 despite experiencing its two largest-ever claims plus a significant financial impairment resulting from a change in international accounting policy, which required a US$33 million pension scheme deficit to be included in the balance sheet.

North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) merged to form the North Group on Friday 28 February 2014 following approval by the Bank of England’s Prudential Regulatory Authority and other U.K. and overseas regulators. The merger between two of the longest-established and most successful international marine insurance businesses - both of which are based in north-east England - has created one of the largest global marine insurance operations, with a premium income of over $500 million, free reserves of $350 million and total assets of $1,500 million. North Group has been over two years in the making, starting with a strategic alliance between North and SMMI in January 2012.

The ‘A’ rated North P&I club said it achieved another solid year of development ending on February 20, 2014, further consolidating the club’s position as one of the largest and most financially secure members of the International Group of P&I Clubs. Owned tonnage entered in North increased from 126 million GT at the 2013 renewal to 131 million GT yesterday, while the club’s chartered entry developed to stand at approximately 49 million GT. According to chairman Pratap Shirke, "Our policy of applying strict quality and financial standards to the membership continued at this renewal and I am pleased to report further satisfactory development, which will help preserve North’s financial strength.

The members of North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) have voted in favor of the clubs' recent proposals to merge. A target date of February 21, 2014 has been set for the merger, which will create one of the largest marine insurance operations. At their general meeting on 16 January 2014, North's members approved the terms of the merger framework agreement signed by the two north-east England based mutuals last month.

North P&I Club has decided on a 7.5% general premium increase for protection and indemnity (P&I) cover next year and will continue with a moderated payment plan similar to last year. The increase reflects the board’s commitment to maintaining the financial strength and stability of the ‘A’ rated club in the face of continuing uncertain investment markets and rising claims. According to North’s chairman Pratap Shirke of ship management group ASP, "North is financially secure and has a strong capital position evidenced by its ‘A’ stable rating from Standard & Poor’s. Our strong underwriting performance also means members have not been burdened by unbudgeted supplementary calls for more than 20 years.

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger. The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012. North's Chairman Pratap Shirke says, ‘As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger.

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger. The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012. North’s chairman Pratap Shirke said, “As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger. SMMI’s chairman Trevor Hart said, “SMMI and North…

North P&I Club Reinforces Position in Asia-Pacific Region with New Branch in Tokyo. The ‘A’ rated 150 million GT North P&I club is about to consolidate its position in the Asia-Pacific region following approval from the Japanese government to open a branch office in Tokyo. The new office is due to start operating in the next few months and will complement the club’s existing Asia-Pacific branches in Hong Kong and Singapore. Located in the central Kyobashi commercial district in Tokyo, the Japanese branch will be led by general manager Kunio Fukumoto. He formerly worked with Assicurazioni Generali S.p.A and Mitsui Sumitomo Insurance Group and brings more than 30 years of senior-level marine underwriting experience to the club.

At the recent ABS Council meeting, 31 prominent members of the shipping and offshore industries were elected as new members of the prominent international classification society. The ABS Council also elected seven new members to the society’s Technical Committee. “Our strength as a classification society is the breadth of experience and depth of wisdom of our membership,” said ABS Chairman & CEO Robert D. Somerville. Zamil A. Thomas J. Angiolino, Senior Vice President, Willis of New York, Inc. Commodore R. Balasubrmaniam, IN (Retd.), Director, Rajapur Shipyard Pvt. Ltd. Dong-Su Choi, President & CEO, SLS Shipbuilding Co., Ltd. Robert G. George A. Cupstid, Senior Vice President and General Manager, LeTourneau Technologies, Inc. Tim E. Steven Durrell, President, Irving Shipbuilding Inc.