Home Marine InsuranceP and I Clubs Shipowners commit to UK Club in tough market

Shipowners commit to UK Club in tough market

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Hugo Wynn-Williams

Hugo Wynn-Williams

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.

Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, says: “It has been a good and solid renewal for the UK Club marked by continued controlled growth for the second year in succession.

“Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing Members and new business to the Club.

“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.

“The continuing commitment of the membership and the support of the insurance broking community is greatly appreciated by the UK Club and its Board especially considering the significant increase in the cost of the International Group reinsurance premium which accompanied the general increase for 2013.”

UK Defence Club   UK Defence Club (UKDC), the largest defence club in the world, which celebrates its 125th anniversary this year, also reported a strong 2013 renewal with significant gains in entered ships.

Daniel Evans, Club Manager at Thomas Miller Defence said: “Ship owners and operators continue to recognise the importance of legal costs insurance and increasingly see the benefits of insuring with an independent club able to leverage its financial strength for their benefit.

“Over the last four years we have experienced increases in claims activity but have been able to mitigate the impact on Members with very modest general increases. There are signs that claims inflation may be slowing and we envisage a return to a more balanced underwriting environment in the next few years.”

The UKDC Board is concerned with the increasing costs of marine arbitration but remains focused on obtaining good value for its Members.

UK P&I Club

The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited is generally known as the UK P&I Club. As a mutual association since its establishment in 1869 the Club has existed solely for the benefit of its members. Its structure as a mutual insurance association enables it to respond to the changing needs of its assureds and allows it to provide superior service, attention and coverage.

The UK P&I Club is directed by the members. Overall control lies with the directors, elected by the members from amongst themselves. The directors normally meet four times a year to formulate policy on calls, the scope of cover, finance, underwriting and claims matters, reinsurance and issues affecting the P&I world. They resolve specific claims which may not fall clearly within the cover.

Thomas Miller, the Club’s managers, is organised to respond promptly to requests for assistance and to provide informed advice and help with members’ claims. Individual support goes far beyond that normally provided by a commercial insurer.

 

The UK Club’s size and the scale of the managers’ operations has enabled the latter to develop specialist skills and expertise seldom seen in marine P&I.

In 350 ports around the world, on-the-spot help and local expertise is always available to members and the masters of their ships from the Club’s 460 correspondents and claims handling services and advice from the network of offices and branches in London, Piraeus, New Jersey, San Francisco, Hong Kong, Singapore, Tokyo, Beijing and Shanghai.

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