The decision by Gard to move from a “P&I Club” year from February 21st to February 20th (still the financial year adopted by the vast majority of the 12 Group Clubs) to a calendar year (January 1st to December 31st) for the year 2022 makes any year-on-year comparisons difficult. Even “extending”...
https://insurancemarinenews.com/insurance-marine-news/gard-2022-results-a-deeper-dive/
At a board of directors’ meeting of Norway-based marine insurer and Group Club Skuld in London on March 16th, to review the outcome of the recent 2023/24 P&I renewals and the preliminary accounts for the financial year ending February 20th 2023, the directors noted a very successful renewal for...
UK-listed re/insurer Beazley has said that “bringing together Beazley’s Marine division with the Political, Accident and Contingency division and Portfolio Underwriting has brought synergies and opportunities for cross selling”. In March 2022 the Group updated its underwriting team structure with the creation of four underwriting divisions: Cyber Risks, Marine, Accident and Political (MAP) Risks, Property…
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Lloyd’s has reported a combined ratio of 91.9% for its syndicates in 2022. Gross Written Premium (GWP) increased by more 19% to above £46bn, compared with £39.2bn in 2021. Lloyd’s said that this reflected a combination of growth from the strong US dollar (8%), direct price increases (8%) and...
https://insurancemarinenews.com/insurance-marine-news/lloyds-announces-91-9-combined-ratio-for-2022/
London Club has reported what it described as a positive renewal outcome at the February renewals for the 2023/24 policy year. The Club’s mutual entry following the renewal stands at 40.5m gt; the comparative position 12 months ago was 44.1m gt. Ian Gooch, CEO of the Club’s management team, said...
American Club has reported what it described as “encouraging year-on-year growth in premium and tonnage over the recent renewal period”. Premium income for the Club’s Class I (mutual P&I) entries over the year was 17% greater than a year earlier, with concomitant tonnage growth of 25% over the...
UK Club has said in its initial renewal report that it continued to enjoy the continued support of its membership, with 99% of members renewing. The combined mutual owned and chartered tonnage has passed 260m gt, following an increase in mutual owned tonnage to 152.5m tonnes. UK Club CEO Andrew...
UK-based International Group Club West P&I has reported a “disciplined renewal” which saw a premium increase of 9% on renewing mutual business. Gross premiums across all its business lines have exceeded $300m for the first time in the Club’s history. The Club said that its “selective approach to...
Marine constituted 3% of business in the January reinsurance renewals (total €15.1bn, and dominated by property and casualty). Munich Re reported €3.4bn IFRS net income, up from €2.9bn the previous year. The reinsurer reported a 3.2% increase in prices, but a 2.1% decline in volume. In the...
Skuld has reported a “successful renewal of its P&I policies for 2023/24”, with mutual P&I gross tonnage increasing by 7.8% to “a record high of GT 103.3 million”. The Norway-based insurer said that all mutual P&I renewal targets set by the Skuld board were met. The insurer also reported...