North P&I Club Sets 7.5% General Increase
Directors of North P&I Club have decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/21 Policy Year. The increase is considered necessary to maintain the Club’s financial strength and stability in a climate of rising International Group Pool claims and premium erosion.According to North’s Chairman, Pratap Shirke, “The marine insurance landscape has been challenging, and during this time we have persisted with our strategy of preserving a balance between reliable financial management and our desire for controlled growth.
BREXIT: North P&I Gets OK for Dublin Brexit Hub
British ship insurer North has received regulatory approval from Ireland's central bank for a new subsidiary in Dublin to ensure continued access to trade in the European Union in case Britain loses single market access, the firm said on Friday.North, which has its headquarters in the northern England city of Newcastle, is the first specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. It said a team of senior…
McLoughlin Joins North P&I Underwriting Team
Global marine insurer provider North P&I Club has further strengthened its underwriting team with the appointment of a new U.K. based underwriter combined with some operational changes to a number of senior underwriting roles.Tom McLoughlin joined the team as an Underwriter last week, bringing with him a range of marine experience from his former roles with insurance brokers Marsh in London, and a significant tanker management company in Athens. Initially McLoughlin will work across all of the regional teams as he settles into his new role with the Club.Earlier in the year…
North P&I Club Strengthens Greek Presence
Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club…
North P&I Club, 24Vision Sign Partnership Agreement
North P&I Club and 24Vision announced today that they have entered into a partnership agreement, with effect from 1 July 2018, to provide P&I insurance to charterers and small ship operators. As part of 24Vision’s wider service proposition to their marine industry clients, the partnership agreement provides for North P&I Club to be the insurance carrier for 24Vision’s marine liability products. “An alliance with North P&I Club puts us in an excellent position to provide our clients with top-rated security,” says Rocco Bozzelli, Managing Director of 24Vision Insurance Solutions.
North P&I Club Repots Positive Financial Performance
North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.3 percent in the financial year ended February 20, 2016. This brings the combined ratio average of the past five years down to 95.7 percent, amongst the best in the International Group. The Directors approved North’s 2015/16 financial statements at their meeting on May 18, 2016. Commenting on the results, Chairman Pratap Shirke said, “This is a very pleasing set of results that reflects not only a more benign claims experience but also the prudent steps taken by the Club to improve underwriting performance and strengthen our capital position.
Parkinson Retires from Sunderland Marine
Geoff Parkinson, chief executive officer of North P&I Club’s subsidiary Sunderland Marine, retired on 30 June 2015 following a period of ill health. Tom Rutter, head of the company’s aquaculture business, will continue as interim chief executive officer until a permanent appointment is made. Parkinson (60) led the international fishing vessels, small craft and aquaculture insurer for 19 years and played a major role in negotiating its acquisition by the 170 million GT ‘A’ rated North in February 2014.
North P&I Club's New Strategy to Pay Dividends
The 180 million GT, ‘A’ rated North P&I club has confirmed another ‘positive' financial result in its annual Management Report published today (7 August 2014). It has also set out a new proactive management strategy designed to ensure the club's continuing success. Chairman Pratap Shirke says, 'Overall this has been a very positive financial year for North, with a strong technical underwriting result. He said North achieved a breakeven result in the year to 20 February 2014 despite…
North P&I, Sunderland Merge to Form North Group
North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) merged to form the North Group on Friday 28 February 2014 following approval by the Bank of England’s Prudential Regulatory Authority and other U.K. and overseas regulators. The merger between two of the longest-established and most successful international marine insurance businesses - both of which are based in north-east England - has created one of the largest global marine insurance operations, with a premium income of over $500 million, free reserves of $350 million and total assets of $1,500 million. North Group has been over two years in the making, starting with a strategic alliance between North and SMMI in January 2012.
North P&I Club Reports "Solid Year"
The ‘A’ rated North P&I club said it achieved another solid year of development ending on February 20, 2014, further consolidating the club’s position as one of the largest and most financially secure members of the International Group of P&I Clubs. Owned tonnage entered in North increased from 126 million GT at the 2013 renewal to 131 million GT yesterday, while the club’s chartered entry developed to stand at approximately 49 million GT. According to chairman Pratap Shirke, "Our policy of applying strict quality and financial standards to the membership continued at this renewal and I am pleased to report further satisfactory development, which will help preserve North’s financial strength.
Japanese Shipowners Celebrate North P&I Club’s Tokyo Opening
Over 100 representatives of the Japanese shipping community attended a reception in Tokyo on March 27 to celebrate the opening of North P&I club’s new branch office Japan. Located in Tokyo’s central Kyobashi commercial district, the new office complements the A-rated 170 million GT club’s existing Asia-Pacific branches in Hong Kong and Singapore. Nobutaka Mukae, president of Kumiai Senpaku – one of Japan’s leading independent shipowners, was a guest speaker at the reception, which took place at the Imperial Hotel in Chiyoda-ku, Tokyo. He formally welcomed North to Japan and wished the club every success for the future. Other Japanese members attending included IMECS, Kambara Kisen, Northstar, NYK, Sandigan, Synergy and Unitra Maritime.
North P&I Club Promotes 19 Employees
North P&I Club recently executed a round of staff promotions across it various operating departments that take effect tomorrow. Joint managing director Paul Jennings says, "We congratulate all 19 staff members on their excellent and well-deserved achievements. The most prestigious promotion is for Alan Lo, who becomes a director of club’s wholly owned management company, North Insurance Management Limited (NIML). Lo has managed North’s Hong Kong office since 1997 and became general manager Asia-Pacific when the club’s Singapore office opened in 2007.
North P&I Club Reserve Advances 30%
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.
North P&I Club Confirms 2011 Strategy
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.
North P&I club Writes New Evidence Handbook
The 125 million GT ‘A’ rated North P&I club has written a new handbook on collecting and preserving factual evidence to help raise levels of responsibility and professionalism within the international shipping industry. The Nautical Institute has published The Mariner’s Role in Collecting Evidence Handbook as a companion to its guide The Mariner’s Role in Collecting Evidence in Light of ISM. The handbook was launched at a major maritime seminar in Newcastle upon Tyne on 12 November 2010.
North P&I Club Sets Premium Rise of 5%
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.
Wilson & Jennings at North of England P&I Club
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.
Eccleston Bids Farewell
Greek members of the ‘A’ rated, 100 million GT North of England P&I club bid farewell yesterday to managing director Rodney Eccleston during a reception at the British Embassy in Athens. It was Eccleston’s last official event in Greece before he hands over to deputies Paul Jennings and Alan Wilson when he retires in September this year. Addressing around 300 members and their guests, Jennings reciprocated the welcome by British Ambassador Dr David Landsman and paid tribute to Eccleston’s successful tenure as managing director. ‘North has expanded and grown in strength significantly over the past ten years, and we will continue to base all of our operations on high-quality membership, excellent service and prudent finances.
P&I Club's Free Reserves Up 16%
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 $679 million. loss. return on investments. GT. deputy managing director Paul Jennings. reflects the club's proactive approach to service. Rodney Eccleston (58) retires in September 2009. for 18 years until May 2006, when Crichton retired. in a part-time marketing and advisory capacity after his retirement. Group.
North of England P&I Club’s Accounts Confirm Strong Year
The North of England P&I club confirmed its emergence as one the world's strongest maritime insurers today (12 September 2003) with publication of its accounts for the 2002/2003 financial year. The A- rated shipping mutual reported another 12 months of solid growth in tonnage, income and reserves. Chairman George Procopiou confirmed in the club's 2003 'Management Report' that entered tonnage at the February 2003 renewal grew by 10% to 43 million GT, with 35 million GT owned and 8 million GT chartered. Gross premium income for all insurance classes rose by 25% in 2002/3 to US$ 133.1 million and the overall free reserve increased by 14.5% to US$ 99.6 million. Most growth came from existing members but Procopiou said the North of England would continue to look for suitable new members.
P&I Club Warns of Shipping Claims Increase
Ship owners, operators and their P&I clubs face ever-increasing claims over the next few years, according to the 45 million GT North of England P&I club. Growth in the freight market, a raft of new and revised liability conventions and weakness of the dollar are exposing the industry to greater financial risk and continuing hikes in P&I insurance. According to joint managing director Rodney Eccleston, “Both the value and number of cargo claims have soared in recent months due to unprecedented freight rates, sometimes exceeding cargo values, and because ships and crews are working flat out. The A-rated club says P&I claims values are also increasing due to weakness of the US dollar, which has fallen substantially against most major currencies recently.
Good Results for P&I Club
The North of England P&I club's overall free reserves at 20 February 2004 increased by 34 % to reach US$ 133.5 million despite a difficult year for claims. The 50 million GT club's accounts for the 2003/04 year, which have just been approved by the directors, show a substantial improvement in investment return and further consolidation of the A- rated club's financial position. The P&I class investment portfolio, which remains conservatively structured with 72.5 % in bonds and cash and 27.5 % in equities, generated a return of 14.11 % against a benchmark index of 12.24%. Together with exchange gains, the P&I portfolio provided a total contribution of US$ 50 million.
Positive Results for P&I Club
The 'A' rated North of England P&I club achieved another positive renewal on 20 February 2005 with healthy year-on-year increases in tonnage, premiums and deductibles. It marks another milestone in the club's continuing programme of consolidation, further boosting both its financial strength and membership quality. The total entered fleet grew to over 2700 ships totalling some 54 million GT, up from 50 million GT at the last renewal. This was despite a net reduction of 0.5 million GT at renewal due to terms not being offered or agreed with a number of accounts. The total number of members remains unchanged over the year at 325. 'As in previous years, most of our development was achieved from existing members prior to renewal,' says underwriting director Paul Jennings.