UK P&I Club Welcomes Standard & Poor’s Upgrade

Press Release
Tuesday, November 20, 2012

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has welcomed an announcement by the ratings agency Standard and Poor’s upgrading the UK Club’s outlook from “Stable” to “Positive.”


In its review, Standard and Poor’s said: “The positive outlook reflects our expectation that the UK Club’s stronger and more stable underwriting performance of 2011 and 2012 will continue through 2013-2015.”


It also noted the Club’s improved operating performance as evidenced by the combined ratio, strength of management strategy, and the improvement in its competitive position.


Dino Caroussis, Chairman of the UK P&I Club, said: “This is a welcome endorsement by S&P of the UK Club’s efforts to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments. “We are dedicated to our goal of being the leading shipowner controlled provider of marine liability insurance and maintaining our level of capital within the AA range of Standard & Poor’s capital model.”


Hugo Wynn-Williams, chief executive of Club managers Thomas Miller P&I Ltd, said: “Our return to the top level of the P&I market has been rewarded by increased support from new and existing Members. However, we will continue to focus on breakeven underwriting and careful management of our risks; from monitoring the UK Club’s entry criteria, an extensive loss prevention program, and strong claims management, through to the purchase of reinsurance to protect against potential spikes in claims.


“The UK Club has maintained its disciplined approach to underwriting and risk selection as evidenced by a further solid underwriting performance. The last four policy years have achieved an average combined ratio below 100 per cent.”
The UK Club’s funds have continued to strengthen in the first half of 2012 with free reserves and capital increasing a further $8 million to $494 million at 20th August 2012. The UK Club is one of the strongest clubs financially in the International Group of P&I Clubs with a free reserve ratio of 167 per cent.

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tauber Oil Opens West Calcasieu Port Operations

Tauber Oil Company of Houston has become the West Calcasieu Port’s newest tenant.    “Tauber Oil is a service-oriented wholesale energy marketing company with

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

SKF Expands Electric Motor Repair Network

Electric motors are among the highest in reliability incident reports, said SKF Canada, noting that for many companies, electric motor failures lead to a continual

Finance

NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its

Tanker with Kurdish Crude Leaving U.S. After 6-month Dispute

After being stuck in legal limbo for six months, a tanker loaded with 1 million barrels of Kurdish crude headed east on Tuesday to leave U.S. waters after Baghdad

Hellman & Friedman Sells Out of GTT

Gaztransport & Technigaz S.A. (GTT) announces that H&F Luxembourg 1 S.à.r.l., an affiliate of Hellman & Friedman, has completed the sale of its remaining holding

News

Libya Returns Fuel Tanker to Rival Government

Libya's recognized government has released a tanker forced to dock at a port under its control after originally banning it from delivering fuel to its rival administration,

Tauber Oil Opens West Calcasieu Port Operations

Tauber Oil Company of Houston has become the West Calcasieu Port’s newest tenant.    “Tauber Oil is a service-oriented wholesale energy marketing company with

US Proposes Allowing Oil, Gas Drilling off Atlantic Coast

The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast.   The

Insurance

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

P&I Clubs

ZIM Launches Monitoring and Tracking Service

ZIM integrated shipping services has announced the launching of a new monitoring, tracking and security services package, specifically designed for valuable and

Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages,

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Sonar 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: 0.2074 sec (5 req/sec)