Latitude Brokers

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.

Norwegian Hull Club to pay back 7.5% Premium to Members

Norwegian Hull Club has recently announced a 7.5% proposed premium return (USD 13.6 million) for the year 2022 will be presented for approval at the Club’s AGM on 13 June 2023. If confirmed, this will be the third consecutive year of sharing profit with its members, which has shown reasonable stability in its financial performance despite the decision of ceasing ...

Indian Ocean removed from the Piracy High Risk Area from 1st January 2023

Since 1st January 2023, the Indian Ocean (including the Gulf of Aden) has been removed from the High Risk Area for Piracy as defined by shipping bodies BIMCO, International Chamber of Shipping (ICS), International marine Contractors Association (IMCA), INTERCARGO, INTERTANKO and Oil Companies International Marine Forum (OCIMF). The Area removed is the High Risk Area as currently shown on UKHO ...

2023/2024 IG Reinsurance contract structure finalized

The IG’s Reinsurance Committee has now announced the GXL reinsurance contract for 2023/24 policy year has been finalized with rates as follows: Persistent Oil tankers + 3% / $0.6663/GT Clean Tankers +10.5% / $0.4051/GT Dry +6.2% / $0.5991/GT Containerships +10.5% / $0.7277/GT Passenger +0% / $3.8677/GT Chartered Tankers +7.5% / $0.3128 Chartered dries +7.5% / $0.1526/GT Malicious Cyber, Covid-19 and ...

At a glance – 2023/2024 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 or for real time data comparison, use American Club – target minimum ...

North of England declares 10% for 2023

The North have declared a 10% increase in premium rates at the forthcoming renewal for P& I Class and 15% on FD&D class. Members with adverse loss records will therefore have their rates and terms adjusted in excess of these minimum requirements, and adjustments to the IG reinsurance programme will be passed on to Members as usual. In order to ...

Standard Club announces 10% GI for 2023 renewal

The Club has announced that it is seeking a 10% General Increase on P&I and Defense class premium rates for the 2023/24 policy year. The management will carry out analysis of individual owners’/members’ rating adequacy, terms and deductibles along with historical and forecast claims exposures, and additional contributions will be sought from owners/members with adverse records. The club’s investment portfolio, ...

Skuld targets 10% overall premium increase for 2023

The Board of directors have acknowledged that notwithstanding the benign large claims environment this year, the technical result for the mutual products remain negative. The combined ratio on an operational level for all products is positive at the half year stage, and the efforts to improve the performance of the mutual portfolio need to be sustained, particularly as the Clubs ...