Press Release: UK P&I Club announce positive 2023 renewal results
The UK P&I Club ("The Club") today announces its renewal for 2023 following the closure of the renewal season on 20 February.
The Club continues to enjoy the continued support of its membership with 99% of members renewing. The combined mutual owned and chartered tonnage stands in excess of 260 million gross tonnes, following an increase in mutual owned tonnage to 153 million tonnes.
Many existing Members supported the Club with additional tonnage and commitments for new buildings, and the Club also welcomes several new Members.
Andrew Taylor, Chief Executive of the UK P&I, says:
"Strong underwriting discipline, risk selection and a fair and transparent approach to Members remain core to the continued success of the UK P&I Club. In a sector where service is key, the Club continues to offer exceptional claims and loss prevention support to its Members.
Whilst we remain cautious about the challenges the marine insurance sector faces, we are pleased that our long term financial stability and diversified offering continue to be attractive to our Members, evidenced by this positive renewal for the Club.
The continuing commitment of the membership and the support of the insurance broking community is greatly appreciated by the UK Club and its Board."
The Club will be publishing a detailed report including key financial indicators later in 2023 as part of the usual package of year-end financial statements.