Wednesday, 14th November 2001
Contact: Paul Jennings +44 (0)191 232 5221
The North of England P&I Association reviewed its progress with the London insurance broking community last week and confirmed it will announce its general rate increase for the 2002 renewal by the end of the month.
Over 200 brokers, representing most of the world's leading marine insurance broking businesses, attended the event at the Brewery in Chiswell Street on Thursday 8 November. Underwriting and marketing director Paul Jennings thanked them for their support at the last renewal, which helped the club grow to a record entry of 35 million GT with over 400 members and more than 2200 ships.
Joint managing director Peter Crichton says the strong interest in the North of England by brokers is a testament to club's success in recent years, which have seen it absorb both the Newcastle and Liverpool and London clubs and grow from strength to strength both physically and financially. The club is now rated A- by Standard and Poor's, putting it among the world's top three interactively rated P&I mutuals.
Finance director Alan Wilson says that the continuing difficult market conditions, particularly the weak investment markets and increasing cost of claims, mean that the general rate increase will be significantly above the 10% set for the last renewal and is likely to be in line with the increases already announced by other clubs.
'Our primary concern is to provide continued stability for our members, both in terms of premiums and service,' says Wilson. 'This means protecting our free reserves and net assets, which are currently around US$ 80 million and US$ 320 million respectively. We also plan to make further improvements to the calling structure for next year and will be announcing these with the general increase.' '
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