Standard & Poor’s extends upgrade to UK P&I’s Europe Club
- Date: 22/01/2013
22 January 2013
The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, is pleased to announce that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).
This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. (the Bermuda Club) to “Positive.” This upgraded ‘Positive’ outlook also extends to the Europe Club.
As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013. In its review, Standard and Poor’s recognised the upcoming change and stated that it considers the Europe club to be “core to the group”.
Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said: “Recognition for both UK Club entities with the same, positive credit rating is welcome. The Club has worked to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments.”
The UK Club’s funds have continued to strengthen in the first half of 2012 with free reserves and capital increasing a further $8 million to $494 million at 20th August 2012. The UK Club is one of the strongest clubs financially in the International Group with a free reserve ratio of 167 per cent.
ends
For further details, please contact:
Nick Whitear, Communications Director - Thomas Miller P&I Ltd
Nick.Whitear@thomasmiller.com
+44 (0) 20 7283 4646
Roddi Vaughan Thomas / Alistair Scott / Chiara Barreca- Broadgate Mainland
UKP&I@broadgatemainland.com
+44 (0) 207 726 6111
Industry developments
MLC 2006
The Maritime Labour Convention enters into force in August 2013 - resources, news & advice on implementation can be found in this dedicated section. READ MORE
Piracy
Essential precautions and preparation against piracy, as well as additional information and resources, loss prevention advisories and useful external web links
UPDATED 24 December: New FAQs on spill response contracts. China’s first comprehensive system of marine pollution regulations took effect from 1st March 2010, but many aspects are yet to be developed or advised.
MARPOL Annex VI limits sulphur oxide and nitrogen oxide emissions from ship exhausts. It prohibits deliberate emissions of ozone depleting substances and establishes more stringently controlled special SOx Emission Control Areas (SECAS)
Click on a section below to see information collated from across the website on topical issues of interest to our Members