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.”
Source: UK P&I Club