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British Marine is internationally respected for providing fixed cost insurance for marine and intermodal transportation risks. P&I, H&M and FD&D insurances for small / medium sized ships; Personal, Professional and Intermodal liability insurance for transport professionals and operators. A member of QBE Insurance Group,
British Marine offers fixed premiums with no standard increase, backed by 'A+' rated security, and takes pride in providing prompt, high quality service.
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| By Robert Johnston |
20 Feb 2010 |
The 2010/2011 P&I renewal was, not surprisingly, a season of prolonged negotiation as owners resisted the payment of any increase in a continuing difficult shipping climate. Following a relatively benign 2009/2010 year, certain Clubs adopted a surprisingly aggressive renewal strategy, slashing rates if they saw opportunity, whilst continuing to demand the payment of release calls in cash if an owner requested an exit. The Group should revisit this practice.
I am pleased to report that British Marine negotiated through the challenge, and that we can report on another strong renewal, yet again highlighting the confidence that we enjoy in the marketplace. We would highlight.
• A 96% retention ratio on our renewing portfolio.
• A 3.5% increase in rating on that same renewing portfolio.
• A further 13.5% increase in premium generated at the 20th February renewal from 60 new shipowner clients to British Marine.
• Continued support from within our client base, as 15 owners increase their fleet share.
With regard to new business, we are delighted to welcome new owners from across all our markets. Our northern European portfolio has shown marked growth in Germany and Holland, as has our Italian book in southern Europe. Likewise we have made significant development in the Americas, Asia and India.
We thank our shipowners for their continued loyal support.
Yours sincerely,
Robert Johnston
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