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, ...
Continue ReadingNo GI set for 2023 renewal by London P&I
No general increase is set for P&I and FD&D renewals by London P&I. The renewal terms will be based on individual Member loss records and risk profiles incorporating the anticipated impact of inflation on future claims costs. . The Board has instructed Management to pay particular attention to the adequacy of all fleet rating and deductible levels so that an ...
Continue ReadingSkuld 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 ...
Continue ReadingWest of England announces 10% GI for 2023
The Board recognizes the premium for previous year remains insufficient to meet current and expected future claims costs, especially having in mind the potential impacts of high global inflation. Therefore, West P&I has announced General Increase of 10% on mutual P&I premium and 15% on mutual FD&D premium. For Members whose records are adverse, additional action will be taken where ...
Continue ReadingUK P&I Club calls for 10% GI for 2023 renewal
The Board of the Club has set the general increase for 2023 renewal at 10% on all mutual premium rates, with Members with adverse claims record to expect higher increases. The standard deductible will remain at USD15,000, but again Members with adverse claims may see the upwards adjustment to their deductibles. Any change in the cost of the IG reinsurance ...
Continue ReadingGard confirms Owner’s General Discount for 2023
Following the Club’s interim results as at 20 August 2022, the Club has advised of satisfactory underwriting results with 85% Combined Ratio Net, but as other Clubs disappointing investment performance. The Club’s overall financial position remains very strong, and therefore they have confirmed the 5% Owner’s General Discount on 2023 ETC. At the same time, the focus on balanced underwriting ...
Continue ReadingBritannia targets 10% overall increase at 2023 renewal
In the club’s meeting on 25th October, the Club decided to continue with its approach of adjusting individual member’ rates based on their individual claims record and risk profile, rather than announcing a general rate increase. However, Britannia will look to achieve an overall increase of 10% in the ETC for the year 2023/24 policy year before any group excess ...
Continue ReadingS&P downgrades Swedish Club and West P&I Clubs to BBB+ as investment income slumps
S&P Global ratings has downgraded financial strength rating of West of England P & I Club and Swedish Club due to negative investment returns. The move reflects the impact turmoil in the equity and bond markets is having on the financial strength of P & I clubs. After three years of record Pool claims, no Pool claims have been submitted ...
Continue ReadingJoint War Committee updates War Listed Areas on 7th March 2022
On 7th March 2022, the Joint War Committee have updated the Hull War, Piracy, Terrorism and Related Listed Areas to JWLA-029: Amended: Europe 1.Sea of Azov and Black Sea waters enclosed by the following boundaries a) On the west, around Romanian waters, from the Ukraine-Romania border at 45° 10.858’N, 29° 45.929’E to high seas point 45° 11.325’N, 29° 51.140’E b) ...
Continue ReadingLatitude Brokers appoint Matt Cannock as Managing Director, Singapore
PRESS RELEASE – 8 March 2022 FOR IMMEDIATE DISTRIBUTION Media Contacts: Saraid Mc Carrick – Filhet-Allard Maritime +33 5 57 53 39 05 [email protected] Andrew Brooker – Latitude Brokers +852 2154 2253 [email protected] Latitude Brokers appoints Matt Cannock as Managing Director, Singapore Bordeaux & Hong Kong, 8 March 2022 Latitude Brokers, recently acquired by Filhet-Allard Maritime, have appointed Matt Cannock ...
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