For the first time its 159-year history, North P&I Club is projecting total entered tonnage to surpass 200 million gross tonnes, following the successful completion of its 2019 renewal.
The firm states that its landmark achievement cements its place as one of the world’s leading members of the International Group of P&I Clubs.
North P&I Club’s Chief Executive Officer (CEO), Paul Jennings said: “Our 2019 renewal strategy was very clear. We provided ongoing support to Members dealing with persistently challenging trading conditions through our decision not to declare a general increase.
“To reduce the risk of more significant premium increases in coming years we reviewed and adjusted Members’ premiums and terms to reflect performance and exposure to ensure that they made an equitable contribution.”
The company’s Chief Underwriting Officer (CUO), Savraj Mehta, commented that early indications show that the firm is expected to reach P&I owned gross tonnage of 147 million, which represents year-on-year growth of 5 million gross tonnage.
“FD&D gross tonnage is projected to reach 95 million, a 5 million GT increase on last year, whilst chartered tonnage is expected to exceed 60 million GT. This landmark achievement would not be possible without the ongoing support of our international membership.
“We would like to thank our members for their continued commitment to the Club, which is reflective of their confidence in our ability to help them trade with confidence,” said Mehta.
