Geneva DryBühler GmbHTelestackPort of StocktonViganCimbria
  • TMS Awards 2023
  • Sailors Society
  • Cimbria
  • Van Aalst
  • Bühler GmbH
  • Vigan

North posts solid renewal results

North posts solid renewal results

(Posted on 24/02/21)

North P&I Club has reported continuing growth in its diversified business lines and solid progress in raising premiums to reflect market conditions and 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”. This year’s renewal has been the first in North’s 160-year history to have taken place virtually, without face-to-face discussions.

Jennings said North had secured premium growth across all of its business lines throughout the year, projecting a significant increase over the last 12 months.

“This result in a difficult year adds to our financial strength and continues the growth and diversification of our business,” Jennings commented, noting 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.

“This is a reduction in overall tonnage which was planned and expected as part of our strategy to de-risk,” said Kathiravel. ”I’d nonetheless like to acknowledge the trust placed in us by the membership during the last year, with a very high retention rate and a number of Members transferring more business to North.” North’s FD&D business was once more strongly supported, with combined owned and chartered tonnage projected to be 185M GT, he added.

In the meantime, diversified businesses are making an increasingly strong contribution to results, with the Sunderland Marine and North Hull lines achieving strong premium income growth.

“The combined diversified income has increased significantly” said Jennings. “Our newest business line, North Hull, launched in July 2020, has had a great start delivering its initial business plan targets. Our Owners’ Fixed Premium P&I facility, launched in September 2019, is also well ahead of target.”

Latest News

Biomar delivered to AtoB@C Shipping as production of last vessel of series begins

(Posted on 20/06/25)

Biomar has been delivered to ESL Shipping's subsidiary AtoB@C Shipping on June 16, bringing the number... Read more


Smart Ship Hub digital platform deployed for Great Eastern Shipping Company fleet

(Posted on 20/06/25)

Great Eastern Shipping Co. Ltd. (GESCO), India's largest private fleet owner of bulkers and tankers,... Read more


Baltic Exchange introduces monthly audits to improve Baltic index quality

(Posted on 20/06/25)

Baltic Exchange has launched a new quality control mechanism to support its ongoing audit policies for... Read more


INTERCARGO report: Safety gains continue but security threats emerge

(Posted on 15/06/25)

INTERCARGO, the International Association of Dry Cargo Shipowners, reports encouraging progress in bulk... Read more


Marcura and Sedna Partner to simplify maritime workflows

(Posted on 15/06/25)

Marcura and Dataloy Systems have announced a new phase in their long-standing strategic partnership... Read more


Ageing fleet drives surge in number of maritime incidents, says DNV report

(Posted on 06/06/25)

According to DNV’s latest report, Maritime Safety Trends 2014-2024 - Preparing for future risks... Read more


Two Damen Combi Freighters 3850 launched for Fast Lines Belgium

(Posted on 06/06/25)

The second of three Damen Combi Freighters (CF) 3850 has been launched in China for Fast Lines Belgium... Read more


Columbia: Diversity’s ‘forgotten twin’ inclusion must be priority

(Posted on 06/06/25)

Inclusion is every bit as important as diversity in ensuring that shipping becomes a truly welcoming... Read more


Postfix for shipbrokers made simple

(Posted on 02/06/25)

AXSMarine, a pioneer and market leader in the provision of advanced solutions and market intelligence... Read more


Veson Nautical and Great Eastern Shipping go live with IMOS Platform

(Posted on 30/05/25)

Veson Nautical, a global leader in maritime data and freight management solutions, and The Great Eastern... Read more


Sailors SocietyVan AalstPort of South LouisianaTMS Awards 2023TBA Group
  • Port of Stockton
  • Port of South Louisiana

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping