Vanessa Toucas, Author at Latitude Brokers

Good news for shipowners as IG reinsurance rates down.

A combination of 4 years’ profits for International Group reinsurers, increased market capacity, increased risk retention by the Group’s captive, Hydra, and the use of a third multi-year fixed placement has enabled the Group to negotiate a successful renewal of the General Excess of Loss programme and the excess War P&I cover, resulting in rate reductions for shipowners and charterers ...

The Joint War Committee amends the War Listed Areas

Prompted by the recent reduction in the Indian Ocean High Risk Area defined by BIMCO and referred to in BMP4, the Lloyds Joint War Committee have announced a change in the War Listed Areas on 10th December 2015. The Indian Ocean / Arabian Sea / Gulf of Aden / Gulf of Oman / Southern Red Sea area is reduced on ...

Latitude completes Sailors’ Society 32 kms trek in gruesome weather conditions

Saturday 5th December: It was a blustery day when the Latitude team assembled at dawn with 34 other teams, for a 32 kms journey along the Hong Kong trail to raise money to support the Sailors’ Society. After 3 months of training in the heat, and under blue skies, the conditions were a shocker ! But Latitude support team had been ...

Reduction in the IG Excess Reinsurance Programme for 2015

Negotiations have been finalised for the International Group General Excess of Loss reinsurance contract and the favourable Pool claims experience for 2012, 2013 and 2014 policy years, have enabled the group to achieve rate reductions: minus 8.11% for clean and dirty tankers minus 6.05% for dry cargo vessels and no increase for passenger vessels and chartered entries. The Clubs apart from ...

West of England 2015 General Increase announced

For Mutual entries, the Board have agreed on a 2.5% General Increase on P&I Advance Calls and nil General Increase on FD&D Advance Calls. The forecast additional calls for both classes are set as the same level as the past 2 years, ie 35% of Advance calls, payable in August 2016. This effectively means that the General Increase on the ...