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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MHI to Change Name of Group Company

Effective November 1 Mitsubishi Heavy Industries, Ltd. (MHI) will change the name of its group company in Singapore from Mitsubishi Heavy Industries Engineering & Services Private Ltd.

Petrobras P-66 Platform Module to Boost Production

The P-66 platform’s first modules, built at the Tomé Ferrostaal Consortium’s Module Plant located at the Port of Maceió, Alagoas, are now ready and loaded on the São Tomé barge.

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

Finance

Ensco plc Reports 3Q, 2014 Results

Ensco plc  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Chevron Announces Quarterly Dividend

The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable December 10, 2014,

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1942 sec (5 req/sec)