Latitude Brokers

NorthStandard announces 5% General Increase for first renewal post merger

The Board of the newly formed NorthStandard have advised that whilst the Club performances in terms of claims and investment are as per projections, external factors such as geopolitical instability and inflation continue to require some adjustment in premium levels to preserve the Club’s financial position. The Club has therefore declared a 5% General Increase in premium rates for 2024 ...

London Club targets an overall increase of 7.5% for 2024

With income and tonnage growth in 2023/2024 as projected, a better than expected combined ratio in August, and breakeven year to date investment result, the Club will continue to take a prudent approach to address inflation in claims and operating costs. The Club has therefore decided that they will not set a general increase, but advised that they are targeting ...

West of England announces 7.5% General increase on P&I for 2024

Notwithstanding the Club’s strong performance this year, the Board acknowledged that increase in premium is still necessary to meet the inflationary costs of claims in order to achieve underwriting balance. As a result, the Board has announced as follows: Notwithstanding the above, the Club will review individual risk profiles to determine any further adjustment required. As per usual practice, any ...

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 ...

Gard returns 10% as OGD and announces 5% GI for 2024 renewal

The Club’s Board has decided: As per usual practice, the Club will also review individual Members performance for adjustments as necessary, and any adjustment to the Club’s excess of loss reinsurance programme will be passed on to Members at costs. Release calls have been approved as follows: 2021: 5% 2022: 5% 2023: 10% 2024: 10% Full details of the Board’s ...

Shipowners P&I Club announces 5% GI for 2024 renewals

The Club’s Board has decided that a 5% General Increase should be applied for 2024, in order to address the rising costs of claims due to inflation. The increase will not apply to the Yacht sector, who faced a 10% Increase at 2023 renewal. The Club will as usual review individual Members risk profile and performance to further adjust premium ...

Steamship announces 5% GI for 2024 renewal and Capital distribution to Members

The Steamship Mutual is the first to announce their position for 2024 renewal, with a 5% General Increase across all classes of business for 2024-2025. As per usual practice, any adjustment to the IG reinsurance programme will be passed on to Members, and individual performance will also be considered for further rating adjustment. With tonnage, loss ratio and investment return ...

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.