London, 25 February 2014 – The UK P&I Club (“The UK Club”), one of the oldest shipping protection and indemnity mutual insurers, today announces its renewal for 2014 following the closure of the renewal season on 20 February:
- Another positive result with a net increase of a million gross tons of mutual business
- Mutual owned tonnage has increased by four per cent over the course of the 2013/14 year
- Combined mutual owned and chartered tonnage now stands at 215 million gross tons
- Estimated increase of renewal premium of 7 per cent.
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, says:
“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.
“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 UK Club.
The UK Club will be publishing a detailed report on its growth together with the key financial indicators in its Review of the Year in May as part of the usual package of year-end financial statements.
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 with overall control lying with the directors, elected by the members from amongst themselves.
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.
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.