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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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| News and advice from British Marine |
| P&I Renewal 2010 | | By Robert Johnston |
03 Dec 2009 |
As customary, British Marine will not be asking for a standard increase in rating at the forthcoming 2010 renewal, rather we will continue to ask our owners to pay a premium that reflects their own individual claims’ performance, and allows for the price of our Reinsurance programme and the cost of administration.
Administration costs are a sterling expenditure and have necessarily been affected by the continuing weakness of the dollar, which is by far our major premium currency. As regards our 2010 reinsurance costs, we have commenced renewal discussions with our Underwriters. We recommend owners to anticipate an increase in premium of 3%, in order to meet the Company’s 2010 administration and reinsurance outlay.
As a core company within QBE, we are delighted to be able to confirm the robust health of QBE, which continues to report outstanding results. From early in 2010 we will cease underwriting as British Marine Luxembourg and transfer wholly to QBE security, thereby enabling us to underwrite on both QBE Company or Lloyd’s paper whichever is in the best interest of our clients. British Marine will, of course, continue to operate as an independent franchise within the QBE stable.
We look forward to continuing to be of service to you, and thank you for your loyal support.
| | Full Article | | Lloyd's List Global Awards 2009 | | By Robert Johnston |
09 Sep 2009 |
 We are very pleased to announce that last night British Marine was chosen as the winner in the category, Marine Insurance/Protection & Indemnity. In recent years British Marine has consistently outperformed our peers. Gross written premium has grown from $70,000,000 in 2002 to US$ 200,000,000 in 2008, and the company has returned an average annual combined operating ratio of 87.25% across the 7 year period. No Hull and P&I insurer can match this performance, and we are delighted that this has been recognised by the Lloyd’s List Global Award.
Robert Johnston
Managing Director | | Full Article | | Letter from Robert Johnston | | By Robert Johnston |
20 Oct 2008 |
October has been a month of extraordinary uncertainty within all market places. The dislocation and volatility has been such that all forms of security have been challenged. The financial landscape has changed irrevocably, and necessarily every assured must be asking themselves and their brokers some searching questions.
- What is the financial position of my Insurer today?
- To what extent does my Insurer rely on investment income to assist the financial result?
- How is my premium rating likely to be affected by the turmoil in the financial markets?
- Am I confident that my position is secure going forward? Are there any other potential external volatilities?
British Marine, as you know, is a core company of QBE. We no longer have a separate balance sheet or independent financial results. We are embedded within QBE as an integral operation and we therefore carry QBE's Standard and Poor's rating of A+ (Stable). QBE is in the top 25 Insurance Companies in the world and quoted on the Australian Stock Exchange. The QBE share price today is A$26.60 per share, which compares to a price of A$25.85 one month ago. Market capitalisation as at today stands at US$34BN.
A telling reason for QBE's continuing strength is the conservatism of the Company's investment policy, driven by the principle that the Company will not take risk on both sides of the balance sheet. The investment objective of the QBE Group is to generate a pre-determined absolute return over the calendar year that is superior to cash, but its very low appetite for downside market risk demands a lower level of volatility than peers or short-term fixed income indices. Thus there is no need to chase relative return benchmarks; the focus is on preserving the capital of the company intact. QBE's investment portfolio had no direct exposure to Lehman Brothers, Merrill Lynch or AIG. Investment income therefore is not underpinning or influential to the insurance results.
British Marine has always made it clear that we will underwrite every assured in the light of their own performance. It is the individual performance of each owner that drives the premium that we request. We do not ask for a standard increase or contributions to a Group pool. The premium that every owner pays is directly attributable to their own performance alone, together of course with the cost of reinsurance and administration. We believe that this is an incredibly powerful and significant consideration in a time of uncertainty and recession, and the consequent spillover into the shipping markets. The premium that we charge you is fixed and certain.
Looking forward, there will be no change in our underwriting approach. We do expect to pay an increase in our reinsurance costs in 2009, partly because we have experienced a number of historically large losses allied to a poorer reinsurance climate generally through 2008. We will advise you of this increase in due course, but you... | | Full Article | | Stability through strength | | By Robert Johnston |
21 Jan 2008 |
"In our experience, shipowners seek fairness from their underwriters. They wish to be assured that the premium they pay reflects their own performance. They would prefer to avoid the risk of premium increase by reason of the performance of others. British Marine delivers this ..."
Robert Johnston
Managing Director
British Marine
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