Latitude Brokers

Fixed Premium P&I market increasing limits offered for 2015 renewals

Whilst the International Group P&I Clubs are announcing their General Increases for the forthcoming year, the fixed premium markets are busy increasing their limits in advance of the P&I renewal season in 2015. In no particular order: Skuld’s fixed premium product, British Marine (part of the QBE Group) and Hydor all offer USD1bn; Lodestar currently write to USD500m, but are ...

North of England Club 2015 General Increase announced

North of England have announced a 4.75% General Increase for all P&I mutual entries for 2015, which is broken down between a minimum mandatory increase per member of 2.5% and an increase for record. The General Increase reflects the Club’s increase in Pool contributions which has risen to a more comparable level with the Club’s tonnage as a result of ...

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 ...

Shipowners P&I Club 2015 General Increase announced

The Shipowners’ P&I Club has announced a “nil” general increase for the 2015 renewal following the issuance of a strong half-year report. The report (unaudited) shows a higher gross earned premium versus the same point last year despite the club’s withdrawal from the Pacific North West fishing sector. The underwriting shows a small policy year surplus to date and improvements ...

Steamship Mutual P&I 2015 General Increase announced

The Steamship Mutual P&I Club has decided not to seek a general increase on any class of business in 2015/16. The club’s decision seems largely influenced by its improving financial position amid continued downwards pressure on its members’ earnings. The strengthening of the club’s finances is related to an improvement in back year claims together with a moderate claims experience in ...

Britannia P&I Club 2015 General Increase announced

Britannia has announced an 2.5% general increase on the advance call for the 2015 P&I renewal. The club circular points to an “encouraging claims background” and “continued financial strength” as the guiding factors for its decision. Adjustments in ‘excess of loss’ reinsurance costs will continue to be passed on to the members although there will be no increase in the ...

UK P&I Club 2015 General Increase announced

At their recent meeting the Directors of the UK P&I Club have agreed on a general increase of 6.5% on P&I premium for at 2015 renewal. In addition, as per previous year, any change in the International Group reinsurance premium will be charged at cost to Members. As part of the effort to maintain underwriting balance, the Club is increasing ...

Gard General Increase 2015 announced

Further to the Board of Directors held this week, Gard has published their mid-year financial results with combined loss ratio of 78% and contingency reserves at USD1,047 million. Following those strong results, the Board has decided that the 2015 General increases for mutual entries will be 2.5% on Advance calls for P&I and 10% for Defence Class. The Deferred Call ...

Ebola Update

The Ebola outbreak in West Africa has caused significant concern and has been shown not to be a local problem for this terrible disease. The worst-hit countries of Liberia, Sierra Leone and Nigeria all have substantial ports with shipping being the main method of import/export of goods. As such, just as with the civil aviation industry, the marine industry has ...

Press Release: Marine Specialists Latitude Brokers Ltd. Launches in Hong Kong

Hong Kong 1st September 2014 – Latitude Brokers Ltd. (Latitude), previously the Marine Division of Cooper Gay Asia, has today launched as a separate entity. Following the company’s regulatory approval in July 2014 by the Hong Kong Confederation of Insurance Brokers, the newly incorporated and independently branded company is now conducting business in the Asia Pacific region. Latitude remains part ...