SOP to apply 10% General Increase to Yacht and increases on Dry Cargo for 2023
Following a few years of General Increase and positive Underwriting results, the Club has announced that they will take a differentiated approach across the Membership with regards to 2023 renewal, reflecting sector-specific claims trends: the Club will not seek a General Increase across all entries, but have announced that a 10% General Increase will be applied to Yacht and increases ...
Continue ReadingUK P&I Club calls for 10% GI for 2023 renewal
The Board of the Club has set the general increase for 2023 renewal at 10% on all mutual premium rates, with Members with adverse claims record to expect higher increases. The standard deductible will remain at USD15,000, but again Members with adverse claims may see the upwards adjustment to their deductibles. Any change in the cost of the IG reinsurance ...
Continue ReadingGard confirms Owner’s General Discount for 2023
Following the Club’s interim results as at 20 August 2022, the Club has advised of satisfactory underwriting results with 85% Combined Ratio Net, but as other Clubs disappointing investment performance. The Club’s overall financial position remains very strong, and therefore they have confirmed the 5% Owner’s General Discount on 2023 ETC. At the same time, the focus on balanced underwriting ...
Continue ReadingBritannia targets 10% overall increase at 2023 renewal
In the club’s meeting on 25th October, the Club decided to continue with its approach of adjusting individual member’ rates based on their individual claims record and risk profile, rather than announcing a general rate increase. However, Britannia will look to achieve an overall increase of 10% in the ETC for the year 2023/24 policy year before any group excess ...
Continue ReadingS&P downgrades Swedish Club and West P&I Clubs to BBB+ as investment income slumps
S&P Global ratings has downgraded financial strength rating of West of England P & I Club and Swedish Club due to negative investment returns. The move reflects the impact turmoil in the equity and bond markets is having on the financial strength of P & I clubs. After three years of record Pool claims, no Pool claims have been submitted ...
Continue ReadingSteamship Mutual P&I Club announces 7.5% increase for 2023
The club has declared a 7.5% General Increase on the rates across all classes of business for the policy year 2022-2023. The board also ordered a 10% increase in P&I deductibles to apply to all deductibles which are US$ 50,000 or less. In policy year 2022/23 up to September, the club’s own incurred claims are less than budget expectations at ...
Continue ReadingLatitude Brokers speaks to CNN on the Jumbo restaurant debacle
Latitude’s offices in Hong Kong overlooked the Jumbo restaurant in the Aberdeen typhoon shelter until it was towed away on 14 June to meet its fateful demise in the middle of the South China Sea, leaving the upturn grim kitchen barge behind. Much consternation ensued amongst our team and in Hong Kong, and our very own Andrew Brooker was invited ...
Continue ReadingJoint War Committee updates War Listed Areas on 4th April 2022
On 4th April 2022, the Joint War Committee have updated the Hull War, Piracy, Terrorism and Related Listed Areas to JWLA-030: Added: Russia Amended (description of the following area): Sea of Azov and Black Sea waters plus inland waters as defined overleaf The War Listed areas in the Black Sea & Sea of Azov remain as detailed in our previous ...
Continue ReadingStandard and North P&I Clubs announce merger talks
The Standard P&I Club and the North P&I Club have announced that they are finalizing the legal, transactional and operational elements for the proposed merger. Latitude Brokers spoke to the Standard Asia today, and can share some further information. The merger will be submitted to Members’ vote on 27th May 2022, after which the Clubs expect to complete the regulatory ...
Continue ReadingJoint War Committee updates War Listed Areas on 7th March 2022
On 7th March 2022, the Joint War Committee have updated the Hull War, Piracy, Terrorism and Related Listed Areas to JWLA-029: Amended: Europe 1.Sea of Azov and Black Sea waters enclosed by the following boundaries a) On the west, around Romanian waters, from the Ukraine-Romania border at 45° 10.858’N, 29° 45.929’E to high seas point 45° 11.325’N, 29° 51.140’E b) ...
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