UK Club delivers positive result in challenging conditions
The UK P&I Club ("The UK Club"), one of the leading shipping protection and indemnity mutual insurers, today announces its renewal results for 2021.
The Club's primary goal at this renewal was to find a balance between the needs of the Club's Members on the one hand, and the Club's commitment to maintaining balanced underwriting and sound financial planning to secure the long term stability of the Club.
Despite the challenges of a remote renewal, the UK Club delivered a strong, disciplined renewal in a competitive market. Overwhelmingly the Members have continued to support the Club with 98% renewing for a further year. The Club achieved its key target of improving premium rates with a small reduction in tonnage. The combined Mutual and chartered tonnage entered into the Club remains above 255 million gross tons. Mutual tonnage at the start of the new year is 137 million gross tons.
Andrew Taylor, Chief Executive Officer of UK P&I Club, says:
"The Club's primary goal remains to deliver a stable and secure Club working in partnership with our Members to attract carefully selected tonnage at the right rates, which we have achieved at this renewal. The Club was pleased to welcome new Members selecting the UK Club as their insurance partner.
"The Club continually seeks to innovate and enhance its services beyond simple claims handling and underwriting. This philosophy has underpinned substantial investment in loss prevention to improve the performance of Members' fleets. During a year like no other, the UK Club and its Board greatly appreciates the continuing commitment of our Members as we work in partnership with them to continually improve our service."
Ends
For further details, please contact:
Jonathan Atkins /Alastair Doyle
Four Communications
UKP&I@fourcommunications.com / +44 (0) 20 3697 4200
Notes to Editors
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1869 the UK P&I Club insures over 235 million tonnes of owned and chartered shipping through its international offices and claims network. 'A' rated by Standard & Poor's with free reserves of over $500m, the UK P&I Club is renowned for its specialist skills and expertise which ensure 'best in class' underwriting, claims handling and loss prevention services.
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.
About Thomas Miller
Thomas Miller is an international provider of market leading insurance services.
Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Increasingly Thomas Miller applies its knowledge and expertise to the development of specialist businesses.
Principal activities include:
- Management services for transport and professional indemnity insurance mutuals
- Managing general agency
- Professional services including legal services, claims and captive management
