Latitude Brokers

Rate Reductions Announced as the IG Reinsurance Programme Details are Released for 2024/25 Policy Year

The International Group (IG) Reinsurance Programme details have been announced and they include welcome rate reductions for all vessel types. The largest reductions are seen in the Passenger Vessel and Dirty Tanker categories at 12.5% and 7.5% reductions respectively with smaller reductions given in the Clean Tanker, Dry Cargo and Container Vessel categories. The full table can be found below: ...

Joint War Committee updates War Listed Areas on 18th December 2023

On the 18th of December 2023, the Joint War Committee has revised the Hull War, Piracy, Terrorism and related Listed Areas to JWLA-032, with the following changes: Added: Guyana, but only calls to offshore installations in the Guyanese EEZ beyond territorial waters Amended: Indian Ocean, Gulf of Aden and Southern Red Sea The waters enclosed by the following boundaries: a) on the ...

NorthStandard’s Coastal and Inland Class announces no General Increase on mutual entries for the 14th consecutive year. 10% increase to apply to fixed premium entries.

In addition to confirming no General Increase to apply to the Club’s mutual entries Coastal and Inland have also confirmed that any international group reinsurance increases will be absorbed by the class. Deductibles will however be reviewed on a case by case basis. For Members entered on a fixed premium basis a 10% premium increase will apply. No release calls ...

Britannia targets 7.5% increase on P&I premium for 2024 and return USD10 million to Members

Further to the Club’s board meeting end of October, Britannia has now announced their position regarding 20 Feb 2024 renewal: In addition to the above, the Board has agreed a capital distribution of USD10 million to mutual P&I Members with vessels on risk as at 24 October 2023 (midnight). The return for each members will be computed based on each ...

West of England Credit Rating boosted to A- by AM Best

Following West’s very strong balance sheet, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to West of England Ship Owners Mutual Insurance Association (West or WOE) (Luxembourg). The outlook assigned to these Credit ...

Teams Ido and Keido complete the Mission to Seafarers 2023 Adventure Race Japan !

We made it! Latitude Brokers teamed up with Taylor Maritime and the Mission to Seafarers in Hong Kong to enter two teams in to the Adventure Race Japan to raise funds for the Mission’s work globally. Team Ido (Japanese for Latitude) was Vanessa Toucas, Janie D’Arch and Catherine Graham; and Team Keido (Longitude) was Andrew Brooker, Kevin Leach-Smith and Rev ...

Joint War Committee updates War Listed Areas on 25th April 2023

On 25th April 2023, the Joint War Committee has revised the Hull War, Piracy, Terrorism and related Listed Areas to JWLA-031, with the following changes: Added: Sudan Amended: Europe Sea of Azov and Black Sea Waters plus inland waters: Should you require any assistance regarding War Risks, please do not hesitate to contact us.

Norwegian Hull Club to pay back 7.5% Premium to Members

Norwegian Hull Club has recently announced a 7.5% proposed premium return (USD 13.6 million) for the year 2022 will be presented for approval at the Club’s AGM on 13 June 2023. If confirmed, this will be the third consecutive year of sharing profit with its members, which has shown reasonable stability in its financial performance despite the decision of ceasing ...

Indian Ocean removed from the Piracy High Risk Area from 1st January 2023

Since 1st January 2023, the Indian Ocean (including the Gulf of Aden) has been removed from the High Risk Area for Piracy as defined by shipping bodies BIMCO, International Chamber of Shipping (ICS), International marine Contractors Association (IMCA), INTERCARGO, INTERTANKO and Oil Companies International Marine Forum (OCIMF). The Area removed is the High Risk Area as currently shown on UKHO ...

2023/2024 IG Reinsurance contract structure finalized

The IG’s Reinsurance Committee has now announced the GXL reinsurance contract for 2023/24 policy year has been finalized with rates as follows: Persistent Oil tankers + 3% / $0.6663/GT Clean Tankers +10.5% / $0.4051/GT Dry +6.2% / $0.5991/GT Containerships +10.5% / $0.7277/GT Passenger +0% / $3.8677/GT Chartered Tankers +7.5% / $0.3128 Chartered dries +7.5% / $0.1526/GT Malicious Cyber, Covid-19 and ...