Latitude Brokers

London Club announce 5% target rise in P&I and FDD rates

London Club are sticking with their recent target rise approach with their last GI having been imposed on the 2021/22 policy year. For the 2025/26 policy year they are targeting a 5% increase in both P&I and FDD premiums with renewal terms based on Member’s individual records and risk profiles. No general deductible increases have been announced and any changes ...

Skuld announce 5% target rise in ETC and 5% Member credit in 2025/26 renewal circular

Skuld have released their 2025/26 renewal circular with a 5% target rise in Estimated Total Call and a 5% Member’s credit being announced. As usual the Club are not imposing any General Increase and are instead using the strategy of adjusting premiums based on performance of individual Members. The 5% Member’s credit will apply to Mutual P&I premium subject to ...

Gard announce 10% Owners General Discount and 4% target premium rise for 2025/26 renewal

Gard have released their 2025/26 renewal circular which targets a 4% premium increase on ETC and reveals a 10% OGD for Members renewing with the Club, thanks to the Club’s continued strong financial position. This is the 16th year in a row that capital has been returned to their mutual Members. The 4% target premium does not appear to be ...

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 ...

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 ...

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 ...

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 ...