London 7 June 2013. The UK P&I Club, one of the oldest shipping protection and indemnity insurance mutuals, today announces that it has completed the consent solicitation process on its hybrid capital bond (the Capital Securities) and has agreed with bondholders to:
(a) amend the fixed interest rate payable in respect of the Capital Securities in respect of the period from (and including) 22 August 2013 to (but excluding) 22 August 2018, to 7.5 per cent.;
(b) amend the floating interest rate payable in respect of the Capital Securities in respect of each interest period commencing on or after 22 August 2018, by reference to a new margin; and
(c) replace the current first call date with a new first call date of 22 August 2018.
Hugo Wynn-Williams Chairman of the UK P&I Club’s managers, Thomas Miller P&I, said: “We had an overwhelming response from bondholders in favour of the changes to the Capital Securities which gives us great confidence in our strategy for the future.”
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.