North P&I Club strengthens global position
Date published:
By North P&I Club
Tyneside based shipping insurance specialist North P&I Club has strengthened its position as a leading global marine insurer with its latest results revealing a 17% increase in premium income.
Despite a challenging year, the Newcastle Quayside-based mutual saw its income increase by US$60m to US$ 406m (£287m) for 2020/21.
The Club reported year-on-year premium growth in its Hull and Machinery, Fixed Premium and Aquaculture businesses. The launch of its new insurance product line North Hull – aimed at ocean going vessels – saw the business continue to diversify its portfolio.
During the year, North also saw a strong investment return of US$ 64.5m or 6.67%, an increase from 6.37% on the previous year’s results.
Paul Jennings, chief executive of North, said: “Against the global background of COVID-19, I take enormous pride in the way our Company has met the challenges of 2020 and delivered on its commitment to offer both member and client support and financial stability.
“Despite the unprecedented circumstances, we’ve continued to diversify our product lines and maintained our outstanding support to shipowner members as they navigate the impact of the pandemic. From providing much-needed services and digital tools, to assisting several international maritime charities in the support of seafarer wellbeing; our shipowner members’ needs have always been front and centre of our business.
“On a personal note, I’m incredibly proud of our team here in the North East, and our colleagues across the globe, who have all had to adapt to a new way of working. Despite the lack of face-to face contact with colleagues and members, we have continued to provide outstanding service and strengthened our position as one of the leading marine insurers in the world.”
As well as increasing its income and investment return, North’s overall owned and chartered tonnage – i.e. the measure of ocean-going vessels insured - grew to 248 million gross tonnes.
The Club’s free reserves – cash reserves available to cover claims - have also increased by £4m (US$ 6m) now totalling £317m (US$ 450m), demonstrating North’s longstanding commitment to financial stability.
Paul continued: “North has retained its ‘A’ capital rating from credit ratings agency, S&P Global – which is yet another indicator of our financial strength.
“Looking forward, we remain vigilant to the fluctuation of the COVID-19 virus and are prepared to take further steps to manage the commercial and economic impact of this on our business where necessary. And, as always, we will continue to adapt to the evolving requirements of our members, clients, brokers, colleagues and communities across all our business areas.”
About North P&I Club:
North P&I Club is a leading global marine insurer providing P&I, FD&D, war risks, hull and ancillary insurance to over 248 million GT of owned and chartered tonnage. Through its Sunderland Marine brand, North also provides cover for fishing vessels, small craft, aquaculture risks and owners’ fixed premium P&I. The S&P Global ‘A’ rated Club is based in Newcastle upon Tyne, UK with regional offices and subsidiaries in Australasia, China (Hong Kong and Shanghai), Greece, Ireland, Japan, Singapore and USA. North is a leading member of the International Group of P&I Clubs (IG), with over 12% of the IG’s owned tonnage. The 13 IG clubs provide liability cover for approximately 90% of the world’s ocean-going tonnage and, as a member of the IG, North protects and promotes the interests of the international shipping industry. For further information, visit: www.nepia.com
For more information:
Kim Rogerson
Senior Executive (Communications)
North P&I Club
+44 191 232 5221
[email protected]