Wynn News

British ship insurer UK P&I Club has received approval from the Dutch regulator for a new subsidiary in Rotterdam to ensure continued access to trade in the European Union in case Britain loses single market access, it said on Tuesday.UK Club is the second specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. Rival club North said in January it got the green light for its Dublin subsidiary from Ireland's central bank.P&I clubs - mutually owned by their members which are shipping companies - have been an integral part of the City of London for nearly two centuries, insuring ocean going ships against pollution and injury claims…

The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, emerges from the renewal to start the new policy year with total mutual owned tonnage of 139 million gt, slightly higher than at the start of the previous policy year. Combined mutual-owned and chartered tonnage now stands at around 239 million gross tonnes. The UK Club understands that many operators are under financial pressure. The Club therefore continues to seek ways of delivering P&I cover at a competitive rate and did not announce a general increase again this year. However, safeguarding the Club’s future financial stability through disciplined underwriting remains a priority. Of those fleets leaving the Club at this renewal, almost all had adverse loss records.

UK-based international provider of insurance services Thomas Miller has acquired international marine consultancy business Brookes Bell for an undisclosed sum. Brookes Bell is a marine technical and surveying consultancy with offices in Liverpool, London, Glasgow, Shanghai, Hong Kong and Singapore. It has served the marine and energy industries since 1903, providing specialist services in areas including emergency response, casualty investigation, salvage and wreck removal operations, scientific cargo expertise, forensic engineering and expert witness services. The firm also provides research and development of ship design support to enhance maritime safety and technology and employs a renowned group of marine engineers…

The UK P&I Club said it has agreed at its board meeting on November 19 to a mutual premium discount of 3 percent on the total mutual call for the 2015 policy year. In the current shipping environment, the board has decided it is prudent to revise the club’s approach to the general increase. For the 2017 renewal, the club will not be seeking a standardized general increase. Instead, premium will reflect the specific risk a member brings to the club for the coming year. With the overall club underwriting results largely in balance, the 2017 policy year renewal will focus closely on individual member’s underwriting performance, while still being mindful of the difficult shipping markets in which many members operate.

London, 11 May 2016 – The UK P&I Club (“The UK Club”), one of the leading shipping protection and indemnity mutual insurers, announces its financial results for the year ended 20 February 2016. Alan Olivier, Chairman of the UK P&I Club, comments, “2015 has proved to be another good year for the Club culminating with a very positive renewal. On the financial side, we ended the year with a small surplus despite a loss from our investment portfolio. This positive result in a poor year for the investment markets can be attributed to our disciplined approach to underwriting. “The combined ratio for the financial year was 92%; a very creditable result in the prevailing soft market conditions.

The UK P&I Club, a provider of protection and indemnity insurance,  agreed at its board meeting Monday that the General Increase for the 2016 renewal will be 2.5 percent. In announcing the increase, the UK Club board said it is mindful of the continuing stress in certain sectors of the shipping market and has therefore set the General Increase for 2016 below the level of claims inflation, adding the General Increase reflects the club’s commitment to maintain balanced underwriting and put the club in the best position to meet the challenges of the future. Separately, in recognizing the challenges faced by its members and the club’s capital position, the board has declared a Mutual Premium Discount of 2.5 percent on the total mutual call for the 2014 policy year.

The UK P&I Club one of the leading shipping protection and indemnity mutual insurers,  has awarded Tobias Rennekamp the  Robin Travis Scholar for 2015. Tobias will spend three months in the Thomas Miller London office and the offices of selected lawyers, surveyors, insurance brokers and other shipping, transport and insurance businesses. Tobias is currently an Assistant Operations Officer at Liberty One Shipmanagement GmbH & Co KG in Bremen and is actively involved in all aspects of managing its fleet of handy size bulk carriers. The Robin Travis Scholarship programme is tailored to provide both a practical and theoretical knowledge and experience and to build on the Scholar’s commercial experience.

Thomas Miller the international insurance, professional and insurance services provider announces the acquisition of the partners and staff of specialist marine law firm, Davies Johnson & Co of Plymouth. The acquisition brings an additional six fee earners to the Thomas Miller Law Ltd (TM Law) team. The firm will operate from Plymouth and London in addition to TM Law’s main office in Newcastle, where it forms part of the Group’s claims handling and risk management consultancy business. Davies’ Johnson’s existing clients will continue to be able to instruct the Plymouth firm, and there will be no change to the service they enjoy currently.

The second phase of an ambitious project to gather valuable information on ocean processes and marine life using a fleet of innovative marine robots has just reached its conclusion. Co-ordinated by the National Oceanography Centre (NOC), the Exploring Ocean Fronts project took place off southwest England and saw the largest deployment of robotic vehicles ever attempted in UK waters. The marine robots, which are powered by a combination of wave, wind and solar power, are controlled by satellite communications and can cover hundreds of kilometres in a single mission. In the latest phase of the project, three unmanned surface vehicles were used to track fish carrying acoustic ‘pingers’ off the Devon coast.

The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase is in addition to any change in the cost of the international group reinsurance premium for 2015 for the mutual members, which will be determined next January. In setting the general increase, the UK Club board said it is mindful of the balance between the needs of the club’s members and its commitment to maintaining balanced underwriting and sound financial planning. The 2013 year has proved to be one of the most expensive claims years of the last two decades, the club said. Alan Olivier…

Kito Americas, Inc. announced today that the company has entered into a stock purchase agreement to acquire Peerless Industrial Group from Westview Capital Partners II, L. P. by purchasing all the shares of Peerless Industrial Group, Inc. The share transfer of Peerless shall be executed subject to the terms and conditions in the Stock Purchase Agreement. Kito Americas, Inc. currently operates Harrington Hoists, Inc. and Kito Canada (KCI) businesses in North America and is the largest subsidiary of the Kito Corporation of Japan. Kito is listed on the Tokyo Stock exchange (TSE1) under the stock ticker 6409. Kito Americas will, by combining with Peerless, expand its product to better serve its customer segments around the world and strengthen its North American business.

Estimated increase of renewal premium of seven percent. For many UK Club Members, subdued earnings and a lingering shipping recession remain an unwelcome fact of life. However, UK Club premium needs to address underlying claims inflation, as well as a future pick up in claims frequency from what have been record low levels. Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said, “It has been another good and solid renewal for the UK Club marked by continued controlled growth for a third year in succession whilst preserving a disciplined approach to underwriting.

Port Officials and Global Auto Processing Services (GAPS) executed a fifth modification of its 2007 contract extending their agreement for an additional five years through January 31, 2019. The Port welcomed GAPS for the first time in March 2007. Port CEO and Executive Director Kristin Decas noted at the announcement, “In addition to GM and U.S. manufactured Honda exports, GAPS partners with logistics provider Glovis USA, (the logistical arm of Hyundai/Kia), to handle the Hyundai and Kia family of Korean manufactured automobiles. We greatly value this partnership and look forward to many more years as partners”.

The platform supply vessel World Diamond was delivered by Damen Shipyards, Galati, on June 28, 2013, to World Wide Supply. The PSV was built to a completely new and distinctive design from Damen, and World Diamond is the first of six PSVs for the Norwegian owner. The vessel is capable of worldwide operations and its construction involved close cooperation with Damen Shipyards Gorinchem, The Netherlands, which provided engineering and main equipment. The PSV 3300 represents a new era in Damen’s offshore supply vessel story…

Johann von Rantzau has been selected as this year's Robin Travis Scholar following final interviews of candidates in Hamburg, Germany. The scholarship provides a three-month paid internship with transport liability specialist Thomas Miller for executives employed in the shipping, transport or marine insurance sectors in Germany. From 30th September 2013, Johann will be attached to Thomas Miller’s London head office where the businesses managed include the UK P&I Club, the TT Club and ITIC. He will enjoy a tailored programme of placements reflecting his particular business interests.

The Port of Hueneme, California, realized the best cargo year it its 76 year history announcing all-time increases in import/export trade. The total tonnage for FY 2012-2013 jumped to 1,438,596 metric tons representing a 9.2% increase over FY 2011-2012, and a 2.8% increase over the Port’s previous record of 1,399,670 metric tons set in FY 2005-2006. This represents a continuing path to economic recovery bringing the Port beyond trade levels realized prior to the economic downturn. Port Commission President Jason Hodge comments on the rising figures, “The success of the Port ties directly to our community and strategic partners. The growth in freight activity was seen in the Port of Hueneme’s niche markets of automobiles…

The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, announced its financial results for the year ended February 20, 2013. Dino Caroussis, Chairman of the UK P&I Club, said, “In the year under review, the Club has strengthened financially, increasing its free reserves and capital to $494 million, a new high. Further, in evidence that the Club's strategy of disciplined underwriting is being recognized as achieving results, S&P has upgraded the Club to A- (positive outlook). “This last renewal season was one of our strongest in recent years, with mutual owned tonnage growing to 120 million gross tons, maintaining our position at the top of the P&I market.

A delegation from Xiamen, China accompanied by the CEO of COSCO UK visit the London offices of Thomas Miller. The purpose of the visit by the delegation was to understand more of the shipping/insurance sectors in London and to foster good relations. The six-person Xiamen delegation was headed by its Vice Major, Mr Kang Tao together with Simon Yang (Shicheng), the CEO of COSCO UK. Xiamen is the second largest city in the Fujian province of China with a population of 4 million, and is the eighth largest container port in China and eighteenth in the world.

Executive claims 'Carnival Triumph', 'Carnival Splendor' & even 'Costa Condordia' are but the "Tip of the Iceberg". World City America Inc., president, Stephanie Gallagher asks when will U.S. politicians and reporters ask the right questions about this non-U.S. industry? American passengers account for over 90 percent of the revenues earned by over 150 foreign-flag cruise ships sailing out of U.S. ports. It's a $40 billion-a-year industry that competes unfairly with American hotels, resorts, casinos and convention facilities. "Unfairly" because it is exempt from U.S. safety, environmental and labor regulations. It does not pay U.S. corporate taxes on its profits, and it is not required to hire American officers or crew.

The UK P&I Club (the UK Club) announces that it has attracted over three million gross tons of new tonnage, following the closure of the renewal season on Wednesday, 20 February, 2013. At conclusion of renewal the Club’s tonnage stands at around 120 million gross tons. This represents net growth over the past year of 7.6 million tons. As importantly, the Club maintained its policy on sound underwriting declining an equivalent volume of tonnage during the renewal on factors such as quality of risk.

The UK P&I Club (the UK Club) has attracted over three million gross tons of new tonnage, following the closure of the renewal season. At conclusion of renewal the Club’s tonnage stands at around 120 million gross tons. This represents net growth over the past year of 7.6 million tons. As importantly, the Club maintained its policy on sound underwriting declining an equivalent volume of tonnage during the renewal on factors such as quality of risk. “As ship-owners face extremely challenging conditions, the Club’s strong capital position enabled a 2.5 per cent mutual premium discount on the 2011 policy year. The discount amounted to a 10 per cent deduction for all mutual members for the final instalment of the 2011 call due in December last year.

Andrew Jones has been appointed Chief Executive Officer of Thomas Miller (Asia Pacific) Ltd with effect from April 2013. He will be responsible for providing services to all Thomas Miller’s managed Clubs in the region, particularly the UK P&I, the TT, the UK Defence, and ITIC. Andrew brings more than twenty years experience of P&I management and claims experience to the Hong Kong team. A law graduate, he joined Thomas Miller’s London office in 1991 specializing in handling personal injury and other people claims, taking the leadership of the UK P&I Club’s specialist people claims syndicate in 1999. In 2004, Andrew was appointed Operations Director for P&I in Europe and subsequently Chief Operating Officer of Thomas Miller P&I Ltd in 2007.

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club). This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to “Positive.”  This upgraded ‘Positive’ outlook also extends to the Europe Club. As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013.