The UK P&I Club, with $597 million in total capital available as of August 20, 2017, is looking at revealing future moves before 2018 as Britain prepares for its European Union departure.
Established in 1865 to provide protection and indemnity insurance as well as other services to the international shipping community, the UK P&I Club said the $597 million figure is comprised of $497 million plus a further $100 million in hybrid capital. Managing the insurer is Thomas Miller, an independent and international insurance, professional, and investment services provider.
“The Club has consistently achieved breakeven underwriting in recent years, avoiding the need to rely on investment return,” said Alan Olivier, chairman of the UK P&I Club. “The Club’s underwriting performance has consistently been at or close to this target over the last eight financial years providing the necessary platform for the growth in free reserves.”
Olivier added: “The Board expects to announce its Brexit plans by the end of the year with a view to writing business for members whose base of operations is in a country in the EU, from the 2019 policy year.”
The UK P&I Club, one of the biggest mutual marine P&I organisations, insures more than 235 million tonnes of owned and chartered shipping through its international offices and claims network.
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