UK P&I Club announces outstanding 2022 renewal results
The UK P&I Club ("The Club"), one of the oldest shipping protection and indemnity mutual insurers, today announces its renewal for 2022 following the closure of the renewal season on 20 February.
The Club completed a very successful renewal, benefitting from the ongoing support of its Members. The combined mutual owned and chartered tonnage stands in excess of 250 million gross tons, following an increase in mutual owned tonnage to 150 million tonnes. A wide range of existing Members supported the Club with additional tonnage and the Club also welcomes many new Members. 99% of all existing Members renewed for a further year.
Equity between Members and the long term financial strength of the Club depend on underwriting discipline. The Club has achieved positive growth and an uplift in premium in line with its target. The Club has always worked hard to ensure the quality of its book and is a committed to being a dependable partner for its Members.
Andrew Taylor, Chief Executive of the UK P&I Club, says:
"The UK Club and its Board greatly appreciates the continuing commitment of the membership and the support of the insurance broking community in consideration of the continued increase in the cost of P&I premiums.
"We are pleased that our financial stability, claims management and service continue to be attractive to our Members and it has been an outstanding renewal for the UK Club as we continue to focus on disciplined underwriting and quality risk selection."
The Club will be publishing a detailed report on its growth together with the key financial indicators in its Review of the Year later in the year as part of the usual package of year-end financial statements.
For further details, please contact:
Jonathan Atkins/ Cameron Cote/ Michelle Hoh
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 250million tonnes of owned and chartered shipping through its international offices and claims network. 'A - (Stable)' rated by Standard & Poor's with free reserves of $505m, 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
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