One global marine insurer has reported continuing growth in its diversified business lines and solid progress in raising premiums to reflect market conditions.
North P&I Club said it is expecting to see a small tonnage reduction after a planned de-risking exercise.
The attention to risk, revenue and diversification leaves the global marine insurer in robust financial shape, despite Covid-19 challenges and what North Chief Executive Paul Jennings describes as “a very demanding renewal for our P&I mutual business”.
Mr Jennings said North had secured premium growth across all its business lines throughout the year, projecting a significant increase over the last 12 months.
He noted that the Club was completing its 17th consecutive year of ‘A’ capital rating from S&P Global with AAA capital.
Chief underwriting officer, Thya Kathiravel, noted: “The challenges around securing the increase in P&I premiums that we flagged up as necessary in November should not be underestimated. The market remains competitive, with owners understandably very sensitive to costs. We have tried to recognise this in balancing our renewal outcome.”
Having approached the renewal with the objective of reducing exposure in certain areas, North’s combined owned and chartered tonnage was reduced slightly but is still projected to be in excess of 245M GT.
The Sunderland Marine and North Hull lines achieving strong premium income growth. Also up were revenues from the fishing, coastal and other specialist vessels product lines, and from a smaller base, the Club’s aquaculture team achieved impressive growth.
By Rebecca Jeffrey