Mutual Insurer News

Members of the North and Standard Clubs have voted to approve the merger between the two marine insurance firms, creating one of the largest providers of mutual cover in the maritime industries.The P&I clubs, which revealed plans to merge earlier this year, each held special general meetings on May 27 where members voted to greenlight the move to join forces as a single, larger mutual insurer. Pending regulatory approval, NorthStandard is expected to come together as a unified…

North P&I and Standard Club revealed they have entered formal discussions for a proposed merger to create a new global marine insurer and one of the largest providers of mutual cover in the maritime industries. The combined mutual insurer would provide cover for vessels equivalent to 400 million GT.The formal announcement follows the approval of the proposal by both clubs' boards and notification to principal regulatory authorities of their intention to merge. A joint North and Standard Club working group has been appointed to evaluate how a combined entity would maximize value for members.

P&I insurer The Shipowners' Club announced it has appointed its chief information officer, Mark Hamblin, to its management board.Hamblin’s appointment comes after eight years working for the club, in which time he has become integral to the successful IT function, developing strategies and systems that have enhanced the club’s fundamental operations. Hamblin’s appointment to the board signifies the club’s commitment towards greater digital transformation and its ambition to remain at the forefront of technological developments that benefit its large membership.The club's chief executive…

The marine mutual insurer Swedish Club has introduced the next generation of Loss Prevention. It means that shipowners can now be offered real time personalized loss prevention, tailored to their location, and voyage profile.Trade Enabling Loss Prevention (TELP) allows The Swedish Club to use a combination of the latest automatic identification system (AIS) technology coupled with solid statistics and expertise built up over years to map a risk profile for an individual vessel at every stage of its voyage, It can then provide members and their vessels with timely, tailored advice when they are approaching areas of particular risk.Over the last ten years the Loss Prevention team has carried out detailed analysis of the entire fleet…

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year. Knud Pontoppidan, Chairman of TT Club, said, “After very good years in 2013 and 2014, 2015 was what most might be described as a ‘normal year’. Incidents such as Tianjin and a number of cargo-related fires meant the Club experienced a higher number of large claims above $1million than in 2013 and 2014. “Despite the increase in large claims, and the soft rating conditions, the Club continues to be in good shape,” Pontoppidan said. “The Board and I are pleased with our very high retention levels in 2015 at 93 percent and the feedback we receive from Members and brokers on our service levels.

For the 21st year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016. The CEO of ITIC, Stuart Munro, explains, “ITIC’s board of directors is committed to reducing insurance costs wherever possible. The ongoing worldwide economic downturn, together with fiercely competitive conditions in the shipping and transportation sector, continues to make life very difficult for our members.

The UK P&I Club, a shipping protection and indemnity mutual insurer, has announced its renewal results for 2016 following the closure of the renewal season on February 20, 2016. At this renewal the Club experienced a net gain of 4 million entered tonnes. A year-on-year net increase of 8.5 million entered tonnes of mutual business takes mutual-owned tonnage to approximately 135 million tonnes, an increase of approximately 6.5 percent. Combined mutual-owned and chartered tonnage now stands at more than 225 million gross tonnes.

The Strike Club reported a strong start to its new policy year that commenced on February 1, with continuing demand for its mutual entries and fixed-premium products covering war risks, loss of earnings and profit protection for time-charterers. When the club’s directors met recently in Hong Kong they noted an encouraging renewal rate of 99% among mutual members (by premium) for the 2014/15 year. Further, despite the challenging trading environment, the club continues to maintain its reserves, on a combined basis, at $35m. And the club retains its S&P rating of BBB+ with stable outlook. In Hong Kong, the directors reviewed the future structure of the club in view of the increasing EU insurance regulatory climate under Solvency ll (now delayed until 2016).

News that a recent longshoremen’s strike had effectively stopped cargo operations at the port of Baltimore, a major hub for foreign car imports into the US, underlined the Strike Club’s latest warning that strikes by stevedores continue to dominate the list of perils causing delays. The mutual insurer says that a recent analysis of its claims files shows that, in the 2012-2013 policy year, strikes accounted for 16.8% of claims, followed by collision (14.4%), closure of port or sealane (13.6%), and strikes by port workers (also 13.6%). Total net claims for the year were $16.8m, with mutual claims accounting for $12.0m net. A somewhat similar picture emerges from a review of the five-year period 2008-2013: closure of port or sealane (17.2%)…

The news this week that a longshoremen’s strike had effectively stopped cargo operations at the port of Baltimore, a major hub for foreign car imports into the U.S., underlines a new warning by The Strike Club. Strikes by stevedores continue to dominate the list of perils causing delays, reports the mutual insurer after a recent analysis of its claims files. In the 2012-2013 policy year, they accounted for 16.8%, followed by collision (14.4%), closure of port or sealane (13.6%), and strikes by port workers (also 13.6%). Total net claims for the year were $16.8m, with mutual claims accounting for $12.0m net. A somewhat similar picture emerges from a review of the five-year period 2008-2013: closure of port or sealane (17.2%)…

TT Club, the leading mutual insurer in the international freight and logistics arena, has had its financial strength rating of A- (Excellent) re-affirmed by the US rating agency, A. M. Best. In a statement issued today announcing the Club’s ratings, A. M. Best expressed its view of the insurer’s balance sheet strength: “TT Club is expected to maintain excellent consolidated, risk-adjusted capitalization in 2011 following the good operating surplus achieved in 2010.” It also commented, “The Club continues to set reserves with a significant margin established above internal actuary’s best estimate”. The agency expects The Club’s underwriting results…

Emirates International Maritime Academy (EIMA) has announced that it has expanded its maritime training resources by becoming a Maritime Resource Management (MRM) provider in the Middle East after recently signing a licensing agreement with the Swedish Club Academy, a company associated with the Swedish Club, a lmarine mutual insurer from Sweden. The agreement was signed by Captain Jaafar bin Sidin, Director of EIMA, and Martin Hernqvist, Managing Director at the Swedish Club Academy.

immigrants by pretending they are joining crew. insurer of transportation professionals. of the leading shipping companies in Bangladesh". Argentina, Chile, Ecuador, Peru and Uruguay. of their choice. joining crew from the Indian subcontinent. smugglers $1,000. into thinking they were getting a well-paid job on a foreign-flag ship. local ship agents $50,000 in repatriation expenses. vigilance. massive waste of time and effort. latter is not.

Intermediaries Club (ITIC) in its latest Claims Review. units to be transported by his principal's service to Panama. underdeck stowage for the switchgear, he failed to confirm this in writing. The units were stowed on deck and suffered wet and rust damage. for $900,000 plus interest and costs. was contributed by the in-house ship agent. he said on the telephone in writing, this claim would not have been pursued. their own standard trading conditions. Felixstowe. During trucking, the cable struck the underside of a bridge. it was put on the ship. presented to the line. pre-carriage. confirmation and was able to limit his liability. consequential losses too. industry. It is managed by ITIM Co Ltd, a Thomas Miller company.

At a time of great volatility and significant rises in premium costs in international marine insurance and reinsurance markets, the International Transport Intermediaries Club (ITIC) has yet again demonstrated the advantages of insuring with a specialist mutual insurer. For the seventh consecutive year, not only is there no general increase in premium, the club is also giving its renewing members continuity credits of up to 15 per cent. The credits, which range from 5 to 15 per cent depending upon the length of membership, claims record and renewing period, are a unique feature of a mutual club. "With no shareholders to satisfy, we are able to offer some of the most competitive insurance in the market.

TT Club’s improving financial position has been acknowledged by industry ratings agency AM Best, which has revised its outlook on the mutual insurer’s rating from ‘stable’ to ‘positive’. This latest recognition marks further progress toward the goal of regaining an ‘A-’ rating. In its press release AM Best affirmed a rating of ‘B++ (Very Good)’ and indicated that the change of outlook reflects an expectation that the current ratings could be reassessed once TT Club has demonstrated a consistent track record of strong earnings. TT Club’s 2004 record performance saw gross earned premiums rise by over 20% and the total surplus and reserves increase by 58%.