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North P&I Club boosts its free reserves to US$451m
来源： 编辑：编辑部 发布：2018/06/04 08:51:38
GLOBAL marine insurer North P&I Club has announced a 4.6 per cent increase (US$20 million) in its free reserves to US$451 million.
The Newcastle's Quayside-headquartered company said that despite challenges in the shipping industry the total amount it insured last year increased by 2.6 per cent, or 5 million gross tonnage (GT), to 195 million GT. It also achieved a member retention rate of 99 per cent.
The majority of North's growth has come from existing members who value the Club's financial strength and service excellence but there have also been significant new entries from Danish and German owners, as well as from owners and charterers in Singapore, Japan, Greece and Qatar.
An investment return for 2017/18 of 2.9 per cent produced $28.6 million and assisted in delivering the overall surplus of $20 million. The financial year combined ratio was impacted by the rising costs of contribution to other IG Club's Pool claims, as well as increasing operating and regulatory cost pressures from Solvency II and Brexit.
Chairman of North P&I Club, Pratap Shirke, commented: "In these uncertain trading conditions for global shipping, it is more important than ever that our members can confidently rely on our support. This was clearly demonstrated in our renewal strategy announcement in November 2017, when, for the second consecutive year, we decided to charge no general increase. Shipping's longstanding economic challenges have shown some signs of improvement along with freight rates in certain sectors, but we are yet to see any permanent or long-term improvement."
Paul Jennings, CEO of North P&I Club, commented: "2017/18 has been another successful year for North and we take pride in the service we offer to enable our members to trade with confidence. North's commitment to service excellence was clearly recognised in our triennial Member & Broker Survey conducted in September 2017, which returned a series of exceptional results. We would like to thank our membership for their confidence in North and for their loyalty."
The Newcastle's Quayside-headquartered company said that despite challenges in the shipping industry the total amount it insured last year increased by 2.6 per cent, or 5 million gross tonnage (GT), to 195 million GT. It also achieved a member retention rate of 99 per cent.
The majority of North's growth has come from existing members who value the Club's financial strength and service excellence but there have also been significant new entries from Danish and German owners, as well as from owners and charterers in Singapore, Japan, Greece and Qatar.
An investment return for 2017/18 of 2.9 per cent produced $28.6 million and assisted in delivering the overall surplus of $20 million. The financial year combined ratio was impacted by the rising costs of contribution to other IG Club's Pool claims, as well as increasing operating and regulatory cost pressures from Solvency II and Brexit.
Chairman of North P&I Club, Pratap Shirke, commented: "In these uncertain trading conditions for global shipping, it is more important than ever that our members can confidently rely on our support. This was clearly demonstrated in our renewal strategy announcement in November 2017, when, for the second consecutive year, we decided to charge no general increase. Shipping's longstanding economic challenges have shown some signs of improvement along with freight rates in certain sectors, but we are yet to see any permanent or long-term improvement."
Paul Jennings, CEO of North P&I Club, commented: "2017/18 has been another successful year for North and we take pride in the service we offer to enable our members to trade with confidence. North's commitment to service excellence was clearly recognised in our triennial Member & Broker Survey conducted in September 2017, which returned a series of exceptional results. We would like to thank our membership for their confidence in North and for their loyalty."