Standard and North P&I Clubs announce merger talks
The Standard P&I Club and the North P&I Club have announced that they are finalizing the legal, transactional and operational elements for the proposed merger. Latitude Brokers spoke to the Standard Asia today, and can share some further information. The merger will be submitted to Members’ vote on 27th May 2022, after which the Clubs expect to complete the regulatory ...
Continue ReadingSwedish Club announces 12.5% GI for 2022
The last IG Club to announce their position for 2022 P&I renewal, the Swedish Club has now advised that they are seeking a 12.5% General Increase for 2022. The Circular is not yet available but the Press release is available here.
Continue ReadingNorth of England declares 15% increase for 2022
The Club has declared a 15% General Increase on rates at 2022 renewal, which they are breaking down in two parts: 7.5% to address the rising costs of the Club’s contribution to Pool claims and 7.5% to address the underwriting deficit. In addition, Members’ individual records will be assessed and their Terms and Conditions adjusted as necessary. All deductibles below ...
Continue ReadingStandard Club announces 12.5% GI for 2022
The Club will pursue its strategy towards sustainable underwriting results, and have therefore announced a 12.5% General increase on Members’ P&I and FD&D rates for 2022 Policy year, as well as 10% increase of all P&I deductibles, subject to a minimum increase on crew and cargo deductibles of USD2,500 and on collision and FFO of USD7,500. Entries will be reviewed ...
Continue ReadingShipowners P&I Club seeks 5% GI for 2022
The Shipowners P&I Club has announced 5% General Increase in Premiums for 2022 renewal, in line with last year’s position. Members with adverse records will face risk specific adjustments but as per previous years, the Club will continue to absorb any change in the IG GXL reinsurance programme, notwithstanding the significant increase anticipated. The Club is maintaining its approach of ...
Continue ReadingLondon Club target 12.5% increase in P&I rates
Further to their previous announcement to levy Supplementary calls on the last 3 years, the Club has announced that they will not be setting a General Increase for 2022 renewal, but rates and deductibles will be adjusted individually with the overall goal of achieving 12.5% increase in P&I and FD&D rates. Any change in the costs of the IG excess ...
Continue ReadingSkuld will seek minimum 10% increase on P&I and FD&D for 2022 renewal
Skuld’s Board has set out that a minimum 10% market adjustment, irrespective of Members performance, will be necessary on P&I and FD&D mutual entries to address the significant increase in pool and large claims as well as attritional claims due to Covid. Members with challenging claims record will face additional adjustment. As usual any change in the costs of the ...
Continue ReadingUK P&I Club sets 2022 General Increase at 12.5%
The Boards of the Club have set a General Increase of 12.5% on P&I rates for 2022 renewal to address the underwriting deficit. In addition, the rates will be adjusted based on individual loss records, and to reflect any change in the International Group Reinsurance Programme. P&I Release calls are updated as follows: 2019: 5% 2020: 10% 2021: 15% 2022: ...
Continue ReadingBritannia Total Calls target increase 12.5% for 2022, with further Capital Redistribution
The Club’s Board met on 19 October 2021, and as per last year, whilst they are not setting a general increase, their stated target is to increase Total Calls for 2022 by 12.5%. In order to achieve this objective, they will review and underwrite each Member based on their individual performance and exposure. Any change in the cost of the ...
Continue ReadingWest of England opens GI announcements with 15% for 2022
At the meeting on 12 October, The Board of Directors have decided to take further actions to address the technical deficit and combined ratio expected to be in excess of 100% for this year again: they have accordingly announced a 15% General Increase on mutual P&I rates for 20 February 2022, with de-risking actions and further adjustments for Members with ...
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