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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

News

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Fisherman Medevaced off Gloucester Coast

A U.S. Coast Guard crew medevaced a 47-year-old fisherman suffering from chest pains off the coast of Gloucester, Mass.   Watchstanders at Sector Boston’s command

Port of Oakland Boosts Night, Weekend Work

Subsidy extended, largest marine terminal adds functions to night gates   A $1.5 million subsidy program to stimulate night and weekend business at the Port of Oakland has been extended.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators
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: 0.1131 sec (9 req/sec)