By selecting UK flag, you have now set your site language to English. If you'd like to change your language preference again, simply click on one of the other flags.

Close

こちら Japan flag を選択して頂くと、言語設定が日本語に切り替わります。設定変更後は以下の機能が利用可能です。

  • 日本語版ウェブサイトへのクイックアクセスが可能となり、日本語の刊行物をご覧頂けます。

  • 日本語版が閲覧可能な刊行物や記事については、日本語が優先表示されます。表示言語については Japan flag をご参照下さい。

閉じる 言語設定を切り替えたい場合には、国旗のマークをクリックして下さい。

By selecting Japan flag, you have now set your language to Japanese. This has several benefits, including:

  • Providing quick access to our Japan page, which collates all our Japanese content in one place.

  • Ensures that content is presented to you in Japanese first, if we have an article, publication or webpage available in Japanese. Look out for the Japan flag indicators across the site.

Close If you’d like to change your language preferences again, simply click on one of the other flags.

点击选择 China flag,可将网站语言设置为中文。这能帮助您:

  • 快速访问我们的中国区页面,该页面将有网站内容的中文汇总。

  • 在我们的文章、出版物或者网页有中文版本提供的情况下,确保首先向您展示的是中文版本的内容。您可关注站点上的 China flag 按键。

关闭 点击任意其他国旗,可切换您的语言偏好。

By selecting China flag, you have now set your language to Chinese. This has several benefits, including:

  • Providing quick access to our China page, which collates all our Chinese content in one place.

  • Ensures that content is presented to you in Chinese first, if we have an article, publication or webpage available in Chinese. Look out for the China flag indicators across the site.

Close If you’d like to change your language preferences again, simply click on one of the other flags.

North has merged with Standard Club to form NorthStandard.
Find out more about NorthStandard here or continue on this site to access information and resources.

North P&I Club Emerges 'Significantly Stronger' from 2015 Renewal

Add
PDF

The ‘A’ rated North P&I Club has emerged ‘significantly stronger’ from the 2015 renewal on 20 February 2015, further consolidating its position as one of the most financially secure and largest members of the International Group of P&I Clubs.

According to chairman Pratap Shirke, ‘We stated in November that maintaining the financial health of the Club was imperative and would be the fundamental objective of the 2015 renewal. We set a target increase in mutual premiums of 4.75%, and I am delighted to report that – thanks to the overwhelming support of our Members – we have successfully achieved this.’

North adopted a robust but consistent approach to meeting its financial objectives. This meant not offering renewal terms to some Members due to irreconcilable concerns over their technical and claims performance, and not agreeing renewal terms with Members with poor claims records who were not prepared to make a fair financial contribution to the Club.

‘As a result our owned tonnage has dipped to approximately 127 million GT and chartered tonnage has reduced to approximately 40 million GT, says Shirke. ‘But importantly, our financial position is significantly healthier without the adverse impact of a number of poorly performing former Members, and we remain a major force in the International Group with 12% of total owned tonnage.’

Joint managing director Alan Wilson says, ‘We are always prepared to make strong financial decisions to protect the majority of our Members’ interests. We stated at the outset of this renewal that we would be adopting a robust approach, ensuring that Members with poor claims performance or inadequate premium levels would have to make an equitable financial contribution if they wished to remain with the Club. We are very satisfied with the outcome.’

Joint managing director Paul Jennings says, ‘We would like to thank the overwhelming majority of our Members for their support and for endorsing our strategy of maintaining financial stability while continuing to provide the highest levels of service in the most cost-effective manner. We may have parted company with a few high-profile companies, but this has been more than offset by the overall support of the Club’s Members.’

North secured an ‘A’ stable credit rating for the 11th consecutive year last month from leading ratings agency Standard and Poor’s. In particular the agency confirmed that North’s merger with Sunderland Marine in February last year supports its already strong market position. ‘A combined North and Sunderland Marine has a strong competitive position in our view, mainly stemming from North’s strong market position within the International Group of P&I Clubs.’

ENDS

For further information contact: Alan Wilson or Paul Jennings +44 191 232 5221

Notes to Editors

North, part of North Group, is a leading marine mutual liability insurer providing P&I, FD&D, war risks and ancillary insurance to 127 million GT of owned tonnage and 40 million GT of chartered tonnage. It is based in Newcastle upon Tyne, UK with regional offices in Greece, Hong Kong, Japan and Singapore. The Club is a leading member of the International Group of P&I Clubs (IG), with around 12% 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. In February 2014 North completed a merger with Sunderland Marine, which operates within North Group as an independent regulated insurer guaranteed by North. Sunderland Marine is a leading insurer of fishing vessels, small craft and aquaculture risks. It is based in Durham with offices in Australia, Canada, the Netherlands, New Zealand, South Africa and North America.

Welcome to

We've merged with Standard Club to form NorthStandard, this means a new name and look for us, and even better service, support, and cover for you.

You can find out more about NorthStandard on our new website here. As part of the NorthStandard Group, please continue to use nepia.com for your industry news, publications and expertise as well as club rules and contacts.