North P&I Club is a leading marine mutual liability insurer providing P&I, FD&D, war risks and ancillary insurance to 131 million GT of owned tonnage and 54 million GT of chartered tonnage (at February 2016).
We are based in Newcastle upon Tyne, UK with regional offices in Greece, Hong Kong, Japan and Singapore. We are a leading member of the International Group of P&I Clubs (IG), with 11.5% of the IG's owned tonnage. The 13 IG clubs provide liability cover for approximately 90% of the world's ocean-going tonnage and, as a member of the IG, North protects and promotes the interests of the international shipping industry.
Mission Statement - "A world leading marine insurance group, providing the highest quality of cost-effective service."
Service, Strength, Quality
Recent years have seen growth based upon our core values of quality membership, service excellence and financial stability. We have an “A” (stable) credit rating from the financial rating agency Standard & Poor’s.
At 20 February 2016
- Owned and Chartered Entered Tonnage: 185 Million GT
- Free Reserves: US$428 million
- Combined Ratio: 73.3%
North has grown by attracting quality shipowners and charterers who have maintained and improved the risk profile of the Club. The following chart shows the breakdown of our membership by ship type and by geographical location.
Our investment strategy is one of low risk and has three key aims:
- To preserve capital
- To produce a medium term return which exceeds that of the relevant equity and bond indices
- To produce a performance which is competitive with other International Group P&I Clubs
We use the services of leading professional investment managers in seeking to achieve our objectives.
At 20 February 2016
The efficient use of comprehensive and highly secure reinsurance remains one of the key financial principles central to our strategy, allowing consistency in financial planning and reducing the effects of extreme volatility in underwriting performance. A key component of our reinsurance programme is the pooling and reinsurance agreements undertaken with other clubs as part of the International Group of P&I Clubs.