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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS AN OFFER, PERSONAL RECOMMENDATION OR SOLICITATION TO CONCLUDE A TRANSACTION AND SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE. THE TERMS OF ANY INVESTMENT WILL BE EXCLUSIVELY SUBJECT TO THE DETAILED PROVISIONS, INCLUDING RISK CONSIDERATIONS, CONTAINED IN THE PROSPECTUS OR OTHER ISSUER DOCUMENTATION FOR THE ISSUE OF CAPITAL SECURITIES.
- First issue of hybrid capital by a mutual P&I club
- The Capital Securities will have a fixed coupon of 9% per annum for the first five years
- Securities to be listed on the London Stock Exchange
The Issue
The Club has successfully issued $100 million of Capital Securities and application will be made to the UK Listing Authority on the 22nd August for the Capital Securities to be admitted to the official list of the London Stock Exchange expected on the 26th August. The Club expects to be in receipt of funds on the 22nd August.
Tullio Biggi, Chairman of the UK P&I Club, said:
"We are delighted with the result. For the Issue to have attracted orders in excess of $100 million in current market conditions is a great achievement."
Terms
Issuer: The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited
Issue Size: US$100,000,000
Maturity: Perpetual
Coupon: Fixed at 9% per annum for the first five years
Rating: Standard & Poor's BBB+
Lead Manager / Bookrunner: UBS Investment Bank
For further information, please contact:
Thomas Miller P&I Ltd
Hugo Wynn-Williams/Nick Whitear
Tel: +44 (0) 20 7283 4646
Email: hugo.wynn-williams@thomasmiller.com
nick.whitear@thomasmiller.com
Smithfield Consultants Ltd – (Financial Press Enquiries)
John Kiely / Will Swan
Tel: +44 (0) 207 360 4900
Email: jkiely@smithfieldgroup.com
wswan@smithfieldgroup.com
Dunelm Public Relations - (Trade Press Enquiries)
Martin Rowland
Tel: +44 (0) 20 7345 5232
Email: info@dunelmpr.co.uk
UBS
Sophia Vonta
Debt Capital Markets Group
Tel: +44 20 7567 7538
Email: sophia.vonta@ubs.com
Notes to editors
UK P&I Club
The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited is generally known as the UK P&I Club. As a mutual association, the UK P&I Club has no outside shareholders and no financial links with other organisations. Since its establishment in 1869 the Club exists solely for the benefit of its Members. The Club's structure as a mutual insurance association enables the Club to be uniquely responsive to the changing needs of its assureds and allows it to provide superior service, attention and coverage to those Members.
In keeping with its organisation as a mutual association, the UK P&I Club is directed by the members themselves. Overall control of the Club lies with the Directors, who are elected by the Clubs'Members from amongst themselves. The Directors normally meet four times a year to formulate policy on calls, the scope of cover, finance, underwriting and claims matters, reinsurance and current industry issues affecting the P&I world. They resolve specific claims which may not fall clearly within the cover.
Thomas Miller, the Club's Managers have most frequent contact with the Club's Members. They take pride in their ability to respond promptly to requests for assistance and to provide informed advice and sympathetic help with Members' claims. The level of individual support offered goes far beyond what you might normally expect from a commercial insurer.
The size of the UK Club and the corresponding scale of its Managers'operation has permitted the development of specialist skills and expertise to a level of sophistication seldom seen in the P&I field.
In 350 ports of the world, on-the-spot help and local expertise is always available to Members, and to the masters of their ships, from the Club's 460 correspondents. The network includes regional offices of the managers in New Jersey and Hong Kong as well as London. The office in New Jersey handles claims arising in the US east coast and Canada, while the offices in San Francisco covers part of North and Central America, Mexico and the Caribbean. These offices also support the many claims handled by other US correspondents. In addition the managers have offices in Piraeus, Tokyo (a branch owned by the Club), Beijing, Shanghai (both representative offices) and Singapore.
Thomas Miller
The Thomas Miller Group manages a number of world-leading mutual insurance organisations ("clubs") providing insurance for shipping, transport and professional indemnity risks.
Thomas Miller also manages captive insurance companies in the Isle of Man and Bermuda; provides risk management consultancy services; and (through its regulated specialist subsidiaries) delivers a full investment management service to mutual clubs, captives and other clients.
Previously a group of partnerships, the firm incorporated in 1999, and is now owned and controlled by its employees. Thomas Miller employs over 550 people worldwide and has offices in four continents.
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