Latitude Brokers

American Club Responds Robustly To S&P Downgrade

The American Club has been downgraded by S&P from BBB- to BB+ with a stable outlook in its latest assessment. This follows a newly implemented risk-based capital model for rating insurers and reinsurers which was introduced in November last year by the credit rating agency. Dorothea Ioannou, Chief Executive of the American Club has questioned the rationale behind this action ...

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 ...

At a glance – 2024/2025 P&I Renewals

The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. The headline General Increase numbers are as follows and will be updated as each Club announces – click on each Club’s link to see the full GI announcement. American Club – target 7.5% increase overall for 2024 25% and 40% ...

American Club target 7.5% premium increase on P&I and FDD and call for further unbudgeted supplementary calls for the 2020 and 2021 policy years.

The American Club have highlighted Geopolitical tensions, macroeconomic uncertainty, social inflation and volatile investment and commodity markets as concerns at the 2024/25 renewal. With that in mind the combined ratio has improved in relation to previous years at 95% for the policy year to November 2023. Investment returns have been anemic meaning that the Club’s free reserves will not have ...

Swedish Club apply 7.5% General Increase for 2024/25 Policy Year

The Swedish Club have echoed general Club sentiment that over the past 12 months there has been inflationary pressure, volatile investment returns and geopolitical uncertainty. As a result they have opted to apply a 7.5% general increase to expiring P&I and FD&D premiums. Any changes to the General Excess of Loss program will be applied on top of this increase. ...

UK Club opts for a 7.5% General Increase

Following the Board’s financial review of the Club they have opted to apply a 7.5% general increase to all expiring mutual premium rates from 20 February 2024. This is not inclusive of any changes to the International Group Excess of Loss program which will be passed on to the mutual Members. The Club have also announced increases to deductibles with ...

Japan P&I Club announces 7.5% General Increase for Mutual owned entries

Japan P&I Club have thanked their Membership for their support during the challenging 2023 renewal year whilst providing an update on the Club’s improved finances. Like other Clubs, Japan P&I have highlighted the difficulties encountered through increasing claims costs as well as the Russia Ukraine war. As a result the Club have announced a 7.5% general increase to apply to ...

Skuld aims at a 5% increase on ETC for 2024 Policy year

The Board of Directors have highlighted the positive impact of the Club’s growth strategy on premium income, the absence of large claims and therefore continue to expect positive underwriting results. However in view of inflation and volatility in the investment markets, the Club is targeting a 5% increase on Estimated Total Call for 2024, based on assessment and adjustment of ...