Albert Engelsman News

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.

Directors of North of England P&I club confirm that the ‘A' rated club emerged substantially stronger from the annual renewal in February 2011, with an underwriting surplus and investment income boosting its free reserve by 30% to US$ 312 million. Chairman Albert Engelsman and fellow board members approved the club's 2010/11 accounts in Cyprus on Friday (20 May 2011). ‘This year has been very successful for North, with a strong underwriting performance and positive investment return resulting in a substantial free reserve to underpin our continued development,' says Engelsman.

A charity fund set up by North P&I club last year as part of its 150th anniversary initiatives has raised a total of US$150 000 for maritime and local charities. Chairman Albert Engelsman of Dutch shipping group Wagenborg presented US$50 000 cheques today (29 March) to international maritime welfare charity the Sailors’ Society and the UK’s Royal National Lifeboat Institution (RNLI), which provides a 24-hour lifeboat search and rescue service around the British coastline. A further…

The ‘A’ rated 125 million GT North P&I club has confirmed its strategy for the start of its next 150 years will remain focused on service, strength and quality. According to joint managing director Paul Jennings, ‘Our strategic aims for the foreseeable future are still based on three principles: maintaining our financial and service strength, expanding our product range and increasing owned tonnage. We continue to make significant progress in each of these three areas’. The club has maintained its ‘A’ stable rating from Standard and Poor’s for the sixth consecutive year. In March 2011 it will move into a newly enlarged headquarters on Newcastle Quayside and total entered tonnage has grown 12% since the February 2010 renewal, recorded at 31 August 2010.

Shipowner directors of the ‘A’ rated, 100 million GT North of England P&I club have decided on a 5% general premium increase for protection and indemnity (P&I) cover in 2010/11, reflecting the club’s continuing financial resilience. According to chairman Albert Engelsman of Dutch shipping group Wagenborg, all North’s open policy years for P&I and freight, demurrage and defence (FD&D) classes are performing in line with expectations and no premiums in addition to the original estimated premium are expected. “It is a testament to the financial resilience of the club that during these turbulent economic conditions it has not been necessary to call on members for unbudgeted supplementary funding,” he said.

Alan Wilson and Paul Jennings became joint managing directors of the ‘A’ rated, 100 million GT North of England P&I club 18 September 2009 following the retirement of Rodney Eccleston after 21 years at the helm. Club chairman Albert Engelsman congratulated former deputies Wilson and Jennings on their appointments, which mirror the successful joint leadership role played by Eccleston and Peter Crichton for 18 years until Crichton’s retirement in 2006. Wilson joined North in 1981 after qualifying as a chartered accountant with Binder Hamlyn. He was appointed finance manager and company secretary in 1988 and subsequently became finance director of the club’s new wholly-owned management company, North Insurance Management Limited (NIML) in 2000.

to $220 million and total entered tonnage rising to 90 million GT. the club's 2007/8 accounts last week. $10 million. Net assets increased $45 million to $679 million. loss. return on investments. GT. deputy managing director Paul Jennings. reflects the club's proactive approach to service. Rodney Eccleston (58) retires in September 2009. for 18 years until May 2006, when Crichton retired. in a part-time marketing and advisory capacity after his retirement. Group.