North P&I Club surpasses 230m GT barrier in 2020 renewals
Mutual marine liability insurer North P&I Club increased its total entered tonnage to over 230 million gross tonnes, according to the company's early projections following the conclusion of the 2020 renewal process.
The move strengthens its position as a leading member of the International Group of P&I Clubs.
North also saw owned P&I (protection and indemnity) tonnage reach 160 million gross tonnes.
Paul Jennings, North’s chief executive, said: “Our 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, we required a 7.5% rating increase from our membership at the February 2020 renewal to maintain the Club’s financial equilibrium. This was our first general rating increase since 2016.”
Thya Kathiravel, North’s chief underwriting officer, said: “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 a 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.”
Jennings added: “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.”
