Posted on: 21 February 2017
The UK P&I Club (“The UK Club”) announced its renewal results for 2017:
· Member retention at very high levels above 99%
· A year-on-year net increase of 3.5 million entered tonnes of mutual business takes mutual-owned tonnage to approximately 139 million tonnes, an increase of approximately 2.5%
· Overall premium measured 20th February 2016 to 20th February 2017 remains broadly stable.
Combined mutual-owned and chartered tonnage now stands at more than 239 million gross tonnes.
Continuing evidence of the Club’s approach to quality risk selection is demonstrated by declining to quote on just over 10 million tons of business shown throughout the year.
Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, says: “This year’s renewal has been characterised both by the continuing loyalty of our Members and robust negotiation, particularly where loss ratios required corrective action by the Club. After renewal mutual tonnage was up slightly to 139 million gt, with an encouraging number of future commitments from existing Members.”