The UK P&I Club has reported a strong renewal season for 2024.
In a release, the marine insurer said: “The Club’s consistent approach saw positive gains from its core mutual membership, and its overall year-on-year growth in entered mutual tonnage is approximately two million gross tonnage.
“The Club is also encouraged by the excellent volume of newbuilding commitments from current and new members. The Club’s robust underwriting and focus on fairness across the book has resulted in the departure of some underperforming tonnage.”
According to the UK P&I Club, the focus has been on portfolio management, with the goal of providing strong support to high-quality members while affording all members a fair outcome.
“We are pleased with the success of the 2024 renewal, especially in the context of the Club’s progression and positioning for future results,” UK P&I Club chief underwriting officer William Beveridge said. “Our concerted focus on member quality creates a strong platform for future success.
“We are proud of the consistent, flexible, and partnership-based approach that we take to protecting our members, in a market of evolving risk and volatility. Our members have appreciated this approach, and this is reflected in the support we have seen through this renewal period.”
It was noted that the UK P&I Club’s focus on quality has led to some tonnage loss in the underperforming charterers’ liability sector.
“Following several tough years for P&I Clubs, the landscape is improving, and we anticipate another year of stable underwriting results for the Club,” Beveridge added. “Our free reserves are among the strongest in the industry, and we expect healthy investment returns to further strengthen the balance sheet.”
Meanwhile chief executive Andrew Taylor cited the challenging circumstances surrounding the marine sector.
“The marine industry continues to navigate its way through energy and digital transitions, as well as geopolitical challenges,” Taylor noted. “In this environment, the wider value that the Club offers is of increasing importance to members.
“Our market-leading claims service, loss prevention, technical expertise, and industry foresight ensure that our members have the best support, as their operating environment becomes increasingly complex. Our near-term focus is to reinforce our safety and risk management services to further strengthen the value we already provide.”
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