Reduction in the IG Excess Reinsurance Programme for 2015
Negotiations have been finalised for the International Group General Excess of Loss reinsurance contract and the favourable Pool claims experience for 2012, 2013 and 2014 policy years, have enabled the group to achieve rate reductions: minus 8.11% for clean and dirty tankers minus 6.05% for dry cargo vessels and no increase for passenger vessels and chartered entries. The Clubs apart from ...
Continue ReadingOur (very concise) View on P&I and H&M for 2015
We were kindly asked by Tradewinds to give a short overview of how we see the H&M and P&I market in 2015. Here’s what we said in Tradewinds 9 January 2015 edition: “P&I The main themes for 2015 are diversification, regulatory effects, fixed premium and the Nairobi Convention. Diversification of IG Clubs’ product base continues, the latest being Standard Syndicate ...
Continue ReadingSwedish Club receives A- rating from AM Best
The Swedish Club has received an upgrade from AM Best to an A- (Excellent) rating. Standard & Poor’s reaffirmed it’s “BBB+” rating earlier this year, although they had raised their assessment of the Club’s capital adequacy and earnings to ‘strong’. At the same time, the London Club, managed by A Bilbrough, have received their first interactive rating of ‘BBB’ from ...
Continue ReadingSwedish Club announces 2015 General Increase
The Swedish Club announced they will be seeking a 2.5% general increase for mutual P&I entries and a 5% increase for FD&D entries for the 2015 policy year. The Club will also increase crew P&I deductibles by USD1000 from 20 February 2015. The brief press release can be found here.
Continue ReadingJapan P&I Club 2015 General Increase announced
The Japan P&I Club has today announced their General Increase for the 2015 year, as follows: 1. Mutual P&I entries – the Club will apply a 3% increase to the Advanced Call, with the Supplementary Call remaining static at 40%; 2. Charterers entries – the Club will apply a 5% increase; 3. FD&D entries – the Club will not apply ...
Continue ReadingAll IG P&I Clubs 2015 General Increases – Highlights
The following is solely in respect of the Mutual P&I entries and excludes FD&D, fixed premium entries and charterer’s liability. Now that all Clubs have announced, the headline General Increase numbers are as follows: American Club – 4.5% * Britannia – 2.5% Gard – 2.5% Japan – 3% London – 6% * North of England – 4.75% * Shipowners – ...
Continue ReadingSkuld P&I Club announces 2015 ‘Premium Structure’
As in recent years, Skuld’s position with regard to General Increases is unique within the IG in that they believe in adjusting each Member’s base premium upon a number of factors rather than a General Increase which is then adjusted for record. Those factors are as follows: i. statistical records taking into account claim costs, types of claim, claims trends as ...
Continue ReadingUK Defence Club announces 2015 General Increase
The UK Defence Club, the specialist FD&D standalone mutual managed by Thomas Miller Defence Ltd, has announced there will be no General Increase for mutual FD&D entries for the 2015/6 policy year. In addition, the Club has announced it will offer a Continuity Credit (taken as a reduction from the quoted 2015/6 premium) to existing members who renew in 2015/6 ...
Continue ReadingLondon P&I Club announces 2015 General Increase
A.Bilbrough & Co, managers of the London P&I Club, have announced the Club will seek a general increase of 6% in Annual Call Rates for the 2015/6 Policy Years for both mutual P&I and FD&D entries. The Club will increase P&I deductibles that are below USD15,000 by USD2000, with FD&D deductibles remaining unchanged. The Club have set Release Calls for ...
Continue ReadingHanseatic P&I to open in Shanghai
Hanseatic P&I, the Hamburg and London based specialist fixed premium P&I provider has been granted a licence to open an office in Shanghai. The office will concentrate on claims and business development with the office having opened this month. This marks a further commitment to the Asia region, with Hanseatic staff speaking Mandarin and English to serve the local Chinese ...
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