December 23rd, 2009
RaetsMarine and Swiss Re Split up
Two months after RaetsMarine insisted its insurance partnership with Swiss Re was just fine, the two have divorced. RaetsMarine is instead hooking up with the Lloyd’s of London based Amlin group from the New Year.
December 18th, 2009
P&I
Steamship Mutual has become the latest protection- and Indemnity (P&I) blub to indicate it has bounced back from the financial crisis and is heading for a satisfactory outcome to the current year. Steamship Mutual is conservatively projecting a surplus of over $50m, assuming there are no unpleasant surprised between now and the 20 February renewal. The club, which insures a 75 million gt fleet, rang up an investment return of $47m, equivalent to 8%, through the first nine months of the year. It is set to release $16m from prior year reserves and anticipates there will also be an underwriting profit this year. Premium incomes is 13.5% ahead as a result of last year’s rate rises, while claims notified so far this year are 15% down by number and 20% down by value. There have been 14 poll claims each of ore than $7m this year with half reported in the last two months. The AM best rating agency has meanwhile, confirmed the “A-“status of the West of England club and predicted and its financial performance should improve over the next two years. The rating agency says the club’s risk-adjusted capitalization should remain strong as cash calls restored an earlier investment loss and both the underwriting and investment side should contribute to finances.
December 11st, 2009
P&I
American Club has reached a record level of $56m at the three-quarters stage. The American Club’s free reserve has grown to $4 per gross ton, a 48% increase since the 20 February renewal of P&I cover and a figure that bears favorable comparison to rivals.
Joe Hughes, the topman of American Club says that American Club being the best in the International Group over the past five years in terms of its underwriting result, producing an average profit of 8.6%, as against a market average of a 12% loss. The combined ratio of the club over his same period was second only to Norway’s’ Skuld.
The American Club is not seeking a general increase at the 20 February renewal but is lifting its supplementary call from 20% to 25%. For shipowners the total cost is up by 4.16%.
November 27th 2009
P&I
Surprise from Japan Club it aims for rate rise of 12.5%
By far the biggest general increase of the current renewal round is to be required by the Japan Ship Owner’s Mutual Protection & Indemnity. The Tokyo-based Japan Club is seeking a 12.5 rate rise. The move is all the more surprising as the Japan Club has usually sought rises below those of rival clubs and in many years of renewal on expiry terms.
Anti-Piracy
Push to extend piracy cover
The International Transport Workers’ Federation (ITF) is using for talks on piracy with employers that could result in extending the designated war-zone area around the Gulf of Aden. The union claims piracy has made much of the Northern Indian Ocean a no=go zone for shipping and will open talks through the International Bargaining Forum (IBF). Under an earlier agreed war zone, seafarers operating in the transit area in the Gulf of Aden are entitled to 100% wage increase during the transit period. The region had been the centre of pirate activity but attacks on ships have now extended south as far as the Seychelles and East into the Northern Indian Ocean with incidents occurring up to 1,600 kilometers (1,000 miles) from the Somali Coast.
November 20th 2009
Anti-Piracy
Piracy hotbed emerges off India
Ships operating in the Indian Ocean will have to take precautionary measure against Somali pirates anywhere west of India, according to security experts. Nava forces have identified a new piracy operation close to the southern Seychelles, extending their range toward the Maldives and deeper into the Indian Ocean and Arabian Sea.
* all above resources are summarized or quoted form Tradewinds Nov-Dec
