Posted on: 28 February 2022
The UK P&I Club (The Club), one of the oldest shipping protection and indemnity mutual insurers, has announced its renewal for 2022 following the closure of the renewal season on 20 February.
The Club completed a very successful renewal, benefitting from the ongoing support of its Members. The combined mutual owned and chartered tonnage stands in excess of 250 million gross tons, following an increase in mutual owned tonnage to 150 million tonnes. A wide range of existing Members supported the Club with additional tonnage and the Club also welcomes many new Members. 99% of all existing Members renewed for a further year.
Equity between Members and the long term financial strength of the Club depend on underwriting discipline. The Club has achieved positive growth and an uplift in premium in line with its target. The Club has always worked hard to ensure the quality of its book and is a committed to being a dependable partner for its Members.
Andrew Taylor, Chief Executive of the UK P&I Club, said: “The UK Club and its Board greatly appreciates the continuing commitment of the membership and the support of the insurance broking community in consideration of the continued increase in the cost of P&I premiums.
“We are pleased that our financial stability, claims management and service continue to be attractive to our Members and it has been an outstanding renewal for the UK Club as we continue to focus on disciplined underwriting and quality risk selection.”
The Club will be publishing a detailed report on its growth together with the key financial indicators in its Review of the Year later in the year as part of the usual package of year-end financial statements.
