Latitude Brokers

West of England announce 5% General Increase for owned mutual P&I entries. Premiums As Expiring for owned mutual FDD entries.

West have released their renewal circular for 2025/26 with the highlights being a 5% GI for owned mutual entries and premiums as expiring for owned mutual FDD entries. This is a result of an anticipated combined ratio of just over 100% at year end. Changes to the International Group Reinsurance rates will be passed on to Members as usual. Non-Mutual ...

UK P&I Club announce 6.5% General Increase for 2025/26 policy year

UK Club have announced a 6.5% general increase for the 2025/26 renewal with the Club referencing a reduction in their own claims, compared to previous years, but increased group pool claims and uncertainty for the rest of the 2024/25 policy year. General claims inflation are also referenced with claim values expected to continue rising due to social inflation. The Club’s ...

Steamship Mutual announce 5% General Increase and 12.5% capital return for 2025

Just as they did in 2023 Steamship have become the first IG Club to release their renewal circular relating to the 2025/26 policy year and have set a benchmark for other Clubs to follow. They have announced a 5% general increase to apply to all classes of business from 20 February 2025 as well as a capital distribution of 12.5% ...

American Club Announces 35% Supplementary Call for 2022 Policy Year

The American Club have released their 2024 circular relating to the development of closed and open policy years. The circular starts by stating that the Club has seen a small increase in gross written premium and a positive development on their closed policy years. However, with regard to the 2022 policy year, the Club have announced an unbudgeted supplementary call ...

War Risks Notice of Cancellation issued by P&I and Charterers Liability Clubs, effective 20 February 2024

All International Group Clubs as well as fixed premium Charterer’s Liability insurers are now issuing Notices of Cancellation (NOC) on P&I and Charterer’s Liability War Risks effective from 20 February 2024 for any vessels transiting or trading in the Red Sea or Gulf of Aden and Indian Ocean (as detailed below). The covers affected include, but may not be limited ...

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% ...