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 ...
Continue ReadingAmerican Club Announces 35% Supplementary Call for 2022 Policy Year
The American Club have released their 2024 circular relating to the development of closed and open policy years. The circular starts by stating that the Club has seen a small increase in gross written premium and a positive development on their closed policy years. However, with regard to the 2022 policy year, the Club have announced an unbudgeted supplementary call ...
Continue ReadingAmerican Club Responds Robustly To S&P Downgrade
The American Club has been downgraded by S&P from BBB- to BB+ with a stable outlook in its latest assessment. This follows a newly implemented risk-based capital model for rating insurers and reinsurers which was introduced in November last year by the credit rating agency. Dorothea Ioannou, Chief Executive of the American Club has questioned the rationale behind this action ...
Continue ReadingNorthStandard’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 ...
Continue ReadingAmerican Club target 7.5% premium increase on P&I and FDD and call for further unbudgeted supplementary calls for the 2020 and 2021 policy years.
The American Club have highlighted Geopolitical tensions, macroeconomic uncertainty, social inflation and volatile investment and commodity markets as concerns at the 2024/25 renewal. With that in mind the combined ratio has improved in relation to previous years at 95% for the policy year to November 2023. Investment returns have been anemic meaning that the Club’s free reserves will not have ...
Continue ReadingSwedish Club apply 7.5% General Increase for 2024/25 Policy Year
The Swedish Club have echoed general Club sentiment that over the past 12 months there has been inflationary pressure, volatile investment returns and geopolitical uncertainty. As a result they have opted to apply a 7.5% general increase to expiring P&I and FD&D premiums. Any changes to the General Excess of Loss program will be applied on top of this increase. ...
Continue ReadingUK Club opts for a 7.5% General Increase
Following the Board’s financial review of the Club they have opted to apply a 7.5% general increase to all expiring mutual premium rates from 20 February 2024. This is not inclusive of any changes to the International Group Excess of Loss program which will be passed on to the mutual Members. The Club have also announced increases to deductibles with ...
Continue ReadingJapan P&I Club announces 7.5% General Increase for Mutual owned entries
Japan P&I Club have thanked their Membership for their support during the challenging 2023 renewal year whilst providing an update on the Club’s improved finances. Like other Clubs, Japan P&I have highlighted the difficulties encountered through increasing claims costs as well as the Russia Ukraine war. As a result the Club have announced a 7.5% general increase to apply to ...
Continue ReadingSkuld aims at a 5% increase on ETC for 2024 Policy year
The Board of Directors have highlighted the positive impact of the Club’s growth strategy on premium income, the absence of large claims and therefore continue to expect positive underwriting results. However in view of inflation and volatility in the investment markets, the Club is targeting a 5% increase on Estimated Total Call for 2024, based on assessment and adjustment of ...
Continue ReadingNorthStandard 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 ...
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