ViganPort of South LouisianaTMS Awards 2023Van AalstBühler GmbHTBA Group
  • Sailors Society
  • Van Aalst
  • Cimbria
  • Bühler GmbH
  • TMS Awards 2023
  • TBA Group

West of England P&I financially robust

(Posted on 30/05/19)

West of England P&I Club has announced its results for the year ending 20 February 2019. The Club’s capital has strengthened and remains considerably in excess of the ‘AAA’ capital strength requirement under Standard and Poor’s model. This has been re-affirmed in its financial strength rating of A-, reflecting its view that the Club will sustain its ‘extremely strong’ capitalisation. The free reserve has been maintained in excess of $300 million at a near-record level of $306.4 million.

Large claims in 2018 were fewer than 2017 (six in excess of USD 3 million in 2018 compared to 10 in 2017 at the same stage) but, due to the higher magnitude of these claims and higher than expected Pool costs, overall claims costs were more expensive than forecast. This claims profile, along with the industry-wide erosion in premium, has produced a combined ratio of 114% for 2018.

The investment return was 3.9% generating $28.6 million, a positive investment return for the tenth consecutive year. Proceeds from the sale of Tower Bridge Court have been invested, increasing both diversification of, and expected return on, the Club’s investment portfolio in the future.

Tom Bowsher, West of England P&I Club’s CEO, said, “We are pleased to see another positive financial result for the Club and in particular that our capital position continues to be extremely strong. We will however continue in our efforts to address the premium and claims imbalance that is affecting the entire industry. We are also developing new products and maintaining investment in our global service teams so that we remain well-positioned to continue providing cost effective cover for our Members combined with the high-quality service they have come to expect.”

 

Latest News

Onboard carbon capture relies on industry collaboration says DNV

(Posted on 07/06/24)

Onboard carbon capture (OCC) is attracting interest within the shipping industry, providing shipowners... Read more


Franman to promote Saudi’s IMI in Greece and Cyprus

(Posted on 07/06/24)

Athens-based Franman, a leading representative and supplier of premium equipment, parts, products and... Read more


Veson: Bulker newbuilding values at 15-year high

(Posted on 01/06/24)

Values for newbuild vessels of 180,000 DWT are up by c.5.45% from USD 66.09 mil to USD 69.63 mil according... Read more


NorthStandard annual review figures verify value of scale and reach

(Posted on 31/05/24)

Global marine insurer, NorthStandard, recorded increases in premium income, investment returns, and... Read more


VIKAND and Riverr forge srategic partnership

(Posted on 31/05/24)

VIKAND, the global leader in maritime healthcare, and Riverr, a pioneering AI deeptech start-up based... Read more


CMB.TECH and Damen agreement for hydrogen-powered tugs

(Posted on 28/05/24)

CMB.TECH and Damen have announced their collaboration on hydrogen-powered ASD Tugs. Built by Damen,... Read more


Female cadets seeing growing acceptance says Columbia Group

(Posted on 22/05/24)

The maritime sector is at a crossroads, grappling with an evolution that is as necessary as it is overdue... Read more


Shipping needs radical overhaul of corporate governance

(Posted on 22/05/24)

Captain Pappu Sastry, CEO of Adhira Shipping and Logistics (ASL) is calling for a radical restructuring... Read more


CSM Türkiye collaboration with bulker operator Transoba Denizcilik

(Posted on 15/05/24)

Columbia Shipmanagement (CSM), member of Columbia Group, has underlined its commitment to the Turkish... Read more


OTG and WISTA join forces to drive gender diversity and inclusion

(Posted on 15/05/24)

Ocean Technologies Group (OTG), the leading global provider of Human Capital Management solutions for... Read more


TelestackGeneva DrySailors SocietyCimbriaPort of Stockton
  • Vigan
  • Port of South Louisiana
  • Telestack

Subscribe to our newsletter

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