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

People & Company News

ESSA's Fleet Upgradation Environmental Driven

State-controlled Exportadora de Sal SA de CV of Mexico ("ESSA"), one of the world’s largest salt exporters with a 10-million-ton annual production, has strengthened

PSA Chairman Receives Belgium Award

On 27 November 2014, PSA Group Chairman Fock Siew Wah was conferred the national distinction ‘Commander of the Order of the Crown’ from His Majesty King Philippe of Belgium for his merit,

MSC Magnifica Completes Drydocking at Damen Shiprepair

After a very fast and successful 17-day drydocking the cruise ship MSC Magnifica left Damen Shiprepair Rotterdam (part of Damen Shiprepair & Conversion) for

Finance

Findland Fairway Due Law

Based on the Finland Ministry of Transport and Communication’s maritime strategy, the Finnish parliament has announced a final and lawful decision on the new

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.2023 sec (5 req/sec)