The UK P&I Club (the UK Club) has announced that it has attracted over three million gross tonnes of new tonnage, following the closure of the renewal season on 20 February. At conclusion of renewal, the Club’s tonnage stands at around 120 million gross tonnes. This represents net growth over the past year of 7.6 million tonnes. As importantly, the Club maintained its policy on sound underwriting declining an equivalent volume of tonnage during the renewal on factors such as quality of risk.
Hugo Wynn-Williams, chief executive of Thomas Miller P&I, the UK P&I Club’s managers, says: “It has been a good and solid renewal for the UK Club marked by continued controlled growth for the second year in succession.
“Gross tonnage has increased and we are pleased that our financial stability, claims management and service have attracted more tonnage from existing Members and new business to the Club.
“As ship-owners face extremely challenging conditions, the Club’s strong capital position enabled a 2.5% mutual premium discount on the 2011 policy year. The discount amounted to a 10% deduction for all mutual members for the final instalment of the 2011 call due in December last year.
“The continuing commitment of the membership and the support of the insurance broking community is greatly appreciated by the UK Club and its Board especially considering the significant increase in the cost of the International Group reinsurance premium which accompanied the general increase for 2013.”