More Shipowners Commit to UK Club in Tough Market

Press Release
Wednesday, February 27, 2013

The UK P&I Club (the UK Club) has attracted over three million gross tons of new tonnage, following the closure of the renewal season.

 At conclusion of renewal the Club’s tonnage stands at around 120 million gross tons.  This represents net growth over the past year of 7.6 million tons.  As importantly, the Club maintained its policy on sound underwriting declining an equivalent volume of tonnage during the renewal on factors such as quality of risk.

Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, says: “It has been a good and solid renewal fore the UK Club marked by continued controlled growth for the second year in succession.”

“Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing Members and new business to the Club.”

“As ship-owners face extremely challenging conditions, the Club’s strong capital position enabled a 2.5 per cent mutual premium discount on the 2011 policy year. The discount amounted to a 10 per cent deduction for all mutual members for the final instalment of the 2011 call due in December last year.
“The continuing commitment of the membership and the support of the insurance broking community is greatly appreciated by the UK Club and its Board especially considering the significant increase in the cost of the International Group reinsurance premium which accompanied the general increase for 2013.”

UK Defence Club
UK Defence Club (UKDC), the largest defence club in the world, which celebrates its 125th anniversary this year, also reported a strong 2013 renewal with significant gains in entered ships.

Daniel Evans, Club Manager at Thomas Miller Defence said: “Ship owners and operators continue to recognise the importance of legal costs insurance and increasingly see the benefits of insuring with an independent club able to leverage its financial strength for their benefit.”
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Insurance

Panama Canal: Assessing the Risk & Reward

The Panama Canal’s impact on shipping routes and vessel sizes since it opened in 1914 is undisputed. This will continue with the opening of a third channel for larger vessels in 2016.

How to Avoid Claims for Self-cooking Cargo

North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they do not get blamed for cargoes that start ‘cooking’ at sea.

ABS Advisory Solutions Integrate ERM

ABS Group anticipated the update to Circular A-123 from the United States (US) Office of Management and Budget (OMB) requiring US executive departments and agencies

P&I Clubs

How to Avoid Claims for Self-cooking Cargo

North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they do not get blamed for cargoes that start ‘cooking’ at sea.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0933 sec (11 req/sec)