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

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

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  • 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's Annual Review and Release Calls

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The Directors met on 20 May 2021 to approve North’s financial statements for the financial year ending 20 February 2021.

North’s premium income for 2020/21 rose to US$406 million across all of our mutual and diversified business lines. Our investment portfolio performed well particularly towards the end of the year and we benefitted from a significant return of 6.67% (US$64.5 million). Overall, free reserves have increased to US$450 million, reflecting both the positive investment contribution and prudent actions taken to maintain the long-term financial sustainability.

The year ended with an improved combined ratio of 113.7% which is a positive achievement against the backdrop of an exceptionally high year for International Group (IG) pool claims.

At the conclusion of the 20 February 2021 renewal, P&I owned, and chartered tonnage grew slightly year-on-year to just below 250M GT.

2020 was a year like no other and will undoubtedly change the way we all live and work. The full extent of the longer-term commercial impact of the pandemic on the global economy and trading patterns remains uncertain. However, we will remain vigilant to the fluctuations of the COVID-19 virus and be prepared to take further steps to manage any commercial or economic impact on the business as necessary.

North is well-positioned to benefit from the sustained implementation of our diversified business strategy, and  we take great pride in our high quality, loyal and engaged Members and clients who value our financial strength and stability, as well as our industry-leading and innovative service. We remain focused on serving their evolving requirements and enabling them to continue trading with confidence.

The Annual Review 2021 is now available to view and download from our website and the combined financial statements together with the Directors Report and Financial Statements will be published in due course.

The Directors also reviewed the Release Calls for the P&I and FD&D Classes, which are detailed in the Appendix.

PAUL JENNINGS
CHIEF EXECUTIVE / EXECUTIVE DIRECTOR
The North of England P&I Association Limited / North of England P&I DAC

 

APPENDIX

RELEASE CALLS FOR THE P&I AND FD&D CLASSES

POLICY YEAR P&I CLASS FD&D CLASS
2021/22 15% 15%
2020/21 5% 5%
2019/20 0% 0%
2018/19 0% 0%

CIRCULAR REF: 2021/010



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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.