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CIRCULATED TO ALL MEMBERS, BROKERS AND DIRECTORS
P&I Class
The premium requirements of the Club for the forthcoming policy year have been reviewed by the Club’s Directors. The Club’s overall financial position remains strong, and the Directors are committed to maintaining and developing the Club’s financial position. The Club’s operating environment is inextricably influenced by the increasingly difficult claims experience of the shipping market, in particular the volatility of larger claims experienced by the International Group pool. A combination of increasing claims costs and claims volatility, as well as long term economic uncertainty as far as investment returns are concerned, are the factors that the Club’s Directors have considered when determining the Club’s future premium requirements.
The Directors have decided that for the forthcoming policy year there will be a 7.5% increase to premium rates, and there will also be a standard increase of US$250 to be applied to all Members’ deductibles. The outcome of the International Group reinsurance contract renewal is not yet known, but as is customary any increase in rates will be applied to Members’ premiums.
As always the individual claims experience, as well as the risk exposure and profile of Members will be taken into account when formulating renewal proposals which will be sent to Members in the next few weeks.
Premiums will be collected in four equal instalments during the policy year on 2 April, 1 June, 3 September and 3 December 2007.
As Members may be aware the Club is regulated in the UK by the Financial Services Authority (FSA), and the Club’s financial position very comfortably exceeds the current FSA solvency requirements. The European Union Solvency II regime is still under discussion by European Regulators, and, based upon current information, it would not appear to be necessary for the Club to raise any additional funding for solvency purposes.
FD&D Class
The recent experience of the class continues to be satisfactory and whilst the Directors are mindful of volatility within shipping markets which could lead to an adverse claims impact, the Directors believe that 2.5% increase in premium levels will be sufficient to maintain the financial stability of the class. Once again the individual claims experience and risk profile and exposure will be taken into account when assessing Members renewal proposals.
Premiums will be collected in two equal instalments on 2 April and 3 September 2007.
The Directors are confident that these measures for the forthcoming year will help to ensure that the Club’s long term financial strength and stability remain secure.
RC ECCLESTON MANAGING
DIRECTOR – North Insurance Management Limited
As Managers on behalf of the North of England P&I Association Limited
