Press Release: UK P&I Club - Safeguarding the Club's financial stability remains a priority
The Club emerges from the renewal to start the new policy year with total mutual owned tonnage of 139 million gt, slightly higher than at the start of the previous policy year. Combined mutual-owned and chartered tonnage now stands at around 239 million gross tonnes.
The UK Club understands that many operators are under financial pressure. The Club therefore continues to seek ways of delivering P&I cover at a competitive rate and did not announce a general increase again this year. However, safeguarding the Club's future financial stability through disciplined underwriting remains a priority. Of those fleets leaving the Club at this renewal, almost all had adverse loss records.
The Club has attracted a number of significant new entries with a number of fleets opening an entry for the first time.
Hugo Wynn-Williams, Chief Executive of Club managers Thomas Miller P&I Ltd., said: "During these challenging economic times, the Club appreciates the loyalty and support our Members have shown at this renewal. We have sought to achieve a balance between the recognition of the market pressure on the members on the one hand, and the need to address adverse records on the other. This has led to some attrition of the entered fleet but this has been offset by gains both during the year and at renewal"
For further details, please contact:
Jonathan Atkins / Alastair Doyle / Helen Cotton
UKP&I@fourbroadgate.com / +44 (0) 20 3697 4200
Notes to Editors
The UK P&I Club is a leading provider of P&I insurance and other services to the international shipping community. Established in 1865 the UK P&I Club insures over 239 million tonnes of owned and chartered shipping through its international offices and claims network. 'A (Stable)' rated by Standard & Poor's with free reserves and hybrid capital of $558m, the UK P&I Club is renowned for its specialist skills and expertise which ensure 'best in class' underwriting, claims handling and loss prevention services.
The UK P&I Club is managed by Thomas Miller, an independent and international insurance, professional and investment services provider.
Thomas Miller is an independent and international provider of insurance, professional and investment services.
Founded in 1885, Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of the foremost insurance mutuals. Thomas Miller also manages insurance facilities for all the self-employed barristers in England & Wales, as well as trustees of pension schemes, patent agents and housing associations.
Principal activities include:
- Management services for transport and professional indemnity insurance mutuals
- Investment management for institutions and private clients
- Professional services including legal services, claims and captive management
- Managing General Agency
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The UK P&I Club ("The UK Club"), one of the leading shipping protection and indemnity mutual insurers, today announces its renewal results for 2021
The Club’s financial position remains strong with free reserves of $488 million as at 20 February 2022. The Club continues to comfortably meet all its regulatory capital requirements and remains in the highest AAA band of Standard & Poor’s capital model.
The Club's financial position remains strong with free reserves of $507 million as at 20 February 2021