Wagenborg's Engelsman Supports North P&I Club

Tuesday, June 28, 2011

The "A" rated North P&I club is at the top table of P&I clubs in terms of financial strength according to chairman Albert Engelsman of Dutch shipping group Wagenborg.

Engelsman confirmed that the club’s focus on quality and prudent underwriting had given it, "immense financial strength." He highlighted the fact that free reserves reached a record $312 million at renewal, premium income is projected to reach $350 million in the current policy year and the combined ratio has dropped to 78% - the lowest of any club. The club’s regulatory capital is more than twice the FSA solvency requirement and is assessed at AAA using Standard & Poor’s capital model. "North is undoubtedly one of the financially strongest clubs in the International Group," he concluded.

Speaking to 250 guests from the international shipping community at the official opening ceremony of the club’s newly enlarged UK headquarters in Newcastle upon Tyne in north-east England last week, he confirmed that owned tonnage now stood at over 111 million GT - equivalent to 12.1% of International Group owned tonnage. Together with over 40 million GT of chartered tonnage, the club’s total entry now exceeds 150 million GT.

The newly enlarged headquarters on the historic Quayside area of Newcastle will enable the club to employ up to 125 more head office staff. North also has regional offices in Hong Kong, Piraeus and Singapore and currently employs 210 people worldwide.

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

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Repair 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: 0.1145 sec (9 req/sec)