Reinsurance News

North P&I Club breaks 230mn GT barrier

24th February 2020 - Author: Charlie Wood

Early projections suggest North P&I Club increased its total entered tonnage to over 230 million gross tonnes, a move the company says strengthens its position as a leading member of the International Group of P&I Clubs.

North also saw owned P&I tonnage reach 160 million GT.

Paul Jennings, North’s Chief Executive, explained that the firm’s 2020 renewal strategy focussed on the need to build the Club’s financial strength and stability in a climate of rising International Group Pool claims and continuing premium erosion.

To offset the suppression of rates and premium income, they required a 7.5% rating increase from membership at the February 2020 renewal to maintain the Club’s financial equilibrium. “This was our first general rating increase since 2016,” he said.

Thya Kathiravel, North’s Chief Underwriting Officer added, “We are pleased to be projecting that our total entered tonnage will reach 230 million GT and we expect P&I owned gross tonnage to reach 160 million GT, whilst chartered tonnage is expected to exceed 70 million GT.

“Combined owned and chartered tonnage for FD&D reached nearly 180 million GT for the first time in North’s history. This is testament to the ongoing support of our international membership, and we would like to thank our Members for their continued commitment to the Club, which is reflective of their trust in our ability to help them trade with confidence.”

“Through the Sunderland Marine offerings of Hull, Liability and Aquaculture together with our new Fixed Premium facility, operating from our newly opened London office, we have seen significant premium growth during the past 12 months, which together with the premium increases for the mutual membership represents solid strategic progress for North,” Jennings added.

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