UK P&I Club Focus on Financial Stability
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.
The Club has attracted a number of significant new entries with a number of fleets opening an entry for the first time.
Hugo Wynn-Williams, Chief Executive of Club managers Thomas Miller P&I Ltd., said: “During these challenging economic times, the Club appreciates the loyalty and support our Members have shown at this renewal. We have sought to achieve a balance between the recognition of the market pressure on the members on the one hand, and the need to address adverse records on the other. This has led to some attrition of the entered fleet but this has been offset by gains both during the year and at renewal”
