Thomas Miller P&I's Readman Retires
On July 22, Luke Readman, Chairman of Thomas Miller P&I Ltd, will retire after nearly forty years of service to the Members of the UK P&I Club. He hands over leadership to current chief executive Hugo Wynn-Williams, who will be supported by deputy chairman Nigel Carden. Readman became renowned in the P&I industry as an oil pollution specialist after handling major claims for the UK Club such as the 230,000dwt VLCC Haven, which caught fire and sank off Genoa in 1991. The case was finally resolved by a tri-partite settlement agreement between the Italian State, the IOPC Fund and the Owners/Club.
Insurance Issues Facing Tanker Industry
The session, entitled Marine Insurance – the impact of September 11, was chaired by Luke Readman from the UK P&I Club. The team of speakers comprised John Fawcett-Ellis, INTERTANKO, together with Hedley French and John Garthwaite from Jardine Lloyd Thompson Risk Solutions. John Fawcett-Ellis began the session with a presentation on the insurance related activities of INTERTANKO and in particular post September 11. An overview was given of the work of the Insurance Committee. It was emphasized that the committee members were actively engaged in insurance matters on a day-to-day basis. This knowledge of the insurance markets meant that they spoke the same language as those engaged in the insurance industry…
UK P&I Club Posts Loss
The United Kingdom Mutual Steam Ship Assurance Association reported a substantially reduced deficit of $31million for the year ended February 20th 2003, compared with $138 million in 2001-2002. The deficit was $4 million lower than the $35 million forecast figure reported by Standard & Poor’s in January. In a circular to Members, published this week, the Association, generally known as the UK P&I Club, reported that its free reserves were $179 million, compared with $210 million in the previous year. Investment income was $46 million before tax – a healthy six per cent return despite difficult conditions in most financial markets. The…
UK P&I Club Free Reserves Maintained on Target
20th 2003, compared with US$138 million in 2001/2. Poor's in January. million, compared with US$210 million in the previous year. return despite difficult conditions in most financial markets. premium. the Swiss Re. ratio. The total recovery amounted to $42 million. this effectively increased the free reserves by $10 million. the Club. under the contract. and will not affect premium levels in future policy years. target band, has been vindicated. as a highly satisfactory result. premium requirements. premium system. No supplementary premiums are anticipated for 2001 and 2002 policy years.
