Pratap Shirke News

26 May 2016

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.

24 Nov 2015

North Group Increases Projected Free Reserve

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million, an increase of 12 percent on last year and $20 million more than estimated at the half-year point. The directors also forecast that North’s combined ratio will improve from 109 percent to 87 percent this year. "The Club’s long-term average combined ratio is amongst the best within the International Group of P&I Clubs," Shirke said. He confirmed North has set a general premium increase of 2.5 percent for both P&I and freight, demurrage and defence (FD&D) for the 2016/17 policy year.

08 Aug 2014

North P&I Club's New Strategy to Pay Dividends

Alan Wilson Joint Managing Director

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…

17 Jul 2015

Shipping in Rough Waters

Photo: The North of England P&I Association Limited

Unpredictable markets and continuing marine claims volatility means the international shipping industry is facing a particularly challenging time, says Pratap Shirke, chairman of North P&I club. His comments are published today (16 July 2015) in the 170 million GT, ‘A’ rated club’s 2015 Management Report. ‘Shipowners continue to operate in unpredictable shipping markets and the economic climate shows little signs of improvement,’ he says. He also notes that risk levels in the industry continue to be volatile…

17 Jul 2015

'Challenging Time' for Shipping Industry - North P&I Chairman

Pratap Shirke, chairman of North P&I club

Unpredictable markets and continuing marine claims volatility means the international shipping industry is facing a particularly challenging time, says Pratap Shirke, chairman of North P&I club. His comments are published today (16 July 2015) in the 170 million GT, ‘A’ rated club’s 2015 Management Report. ‘Shipowners continue to operate in unpredictable shipping markets and the economic climate shows little signs of improvement,’ he says. He also notes that risk levels in the industry continue to be volatile…

03 Mar 2014

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.

08 Aug 2013

North P&I Club, Sunderland Discuss Merger

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger. The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012. North’s chairman Pratap Shirke said, “As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger. SMMI’s chairman Trevor Hart said, “SMMI and North…

13 Aug 2013

P&I Clubs Mull Merger

Pratap Shirke: Photo courtesy of North of England P&I Club

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger. The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012. North's Chairman Pratap Shirke says, ‘As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger.

24 Jan 2012

North P&I Opens Tokyo Office

North P&I Club Reinforces Position in Asia-Pacific Region with New Branch in Tokyo. The ‘A’ rated 150 million GT North P&I club is about to consolidate its position in the Asia-Pacific region following approval from the Japanese government to open a branch office in Tokyo. The new office is due to start operating in the next few months and will complement the club’s existing Asia-Pacific branches in Hong Kong and Singapore. Located in the central Kyobashi commercial district in Tokyo, the Japanese branch will be led by general manager Kunio Fukumoto. He formerly worked with Assicurazioni Generali S.p.A and Mitsui Sumitomo Insurance Group and brings more than 30 years of senior-level marine underwriting experience to the club.

25 Oct 2013

North P&I Club Phase in Members' 2014 Rate Increase

North P&I Club has decided on a 7.5% general premium increase for protection and indemnity (P&I) cover next year and will continue with a moderated payment plan similar to last year. The increase reflects the board’s commitment to maintaining the financial strength and stability of the ‘A’ rated club in the face of continuing uncertain investment markets and rising claims. According to North’s chairman Pratap Shirke of ship management group ASP, "North is financially secure and has a strong capital position evidenced by its ‘A’ stable rating from Standard & Poor’s. Our strong underwriting performance also means members have not been burdened by unbudgeted supplementary calls for more than 20 years.

20 Nov 2008

ABS Council Adds Members

At the recent ABS Council meeting, 31 prominent members of the shipping and offshore industries were elected as new members of the prominent international classification society. The ABS Council also elected seven new members to the society’s Technical Committee. “Our strength as a classification society is the breadth of experience and depth of wisdom of our membership,” said ABS Chairman & CEO Robert D. Somerville. Zamil A. Thomas J. Angiolino, Senior Vice President, Willis of New York, Inc. Commodore R. Balasubrmaniam, IN (Retd.), Director, Rajapur Shipyard Pvt. Ltd. Dong-Su Choi, President & CEO, SLS Shipbuilding Co., Ltd. Robert G. George A. Cupstid, Senior Vice President and General Manager, LeTourneau Technologies, Inc. Tim E. Steven Durrell, President, Irving Shipbuilding Inc.

29 Jan 2014

North P&I and Sunderland Marine to Merge

The members of North of England P&I Association (North) and Sunderland Marine Mutual Insurance Company Limited (SMMI) have voted in favor of the clubs' recent proposals to merge. A target date of February 21, 2014 has been set for the merger, which will create one of the largest marine insurance operations. At their general meeting on 16 January 2014, North's members approved the terms of the merger framework agreement signed by the two north-east England based mutuals last month.

21 Feb 2014

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.

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