North P&I reaches more than 230 million GT

North P&I reaches more than 230 million GT | Insurance Business

North P&I reaches more than 230 million GT

Early projections following the 2020 renewal indicate that North P&I Club has increased its total entered tonnage to more than 230 million gross tons (GT). North, which is celebrating the 160th anniversary of its founding, also saw owned P&I tonnage reach 160 million GT.

“Our 2020 renewal strategy focused on the need to build the club’s financial strength and stability in a climate of rising International Group Pool claims and continuing premium erosion,” said Paul Jennings, chief executive of North P&I Club. “To offset the suppression of rates and premium income, we required a 7.5% rating increase from our membership at the February 2020 renewal to maintain the club’s financial equilibrium. This was our first general rating increase since 2016.”

“We are pleased to be projecting that our total entered tonnage will reach 230 million GT, and we expect P&I-owned gross tonnage to reach 160 million GT, while chartered tonnage is expected to exceed 70 million GT,” said Thya Kathiravel, chief underwriting officer for North. “Combined owned and chartered tonnage for FD&D reached nearly 180 million GT for the first time in North’s history. This is testament to the ongoing support of our international membership, and we would like to thank our members for their continued commitment to the club, which is reflective of their trust in our ability to help them trade with confidence.”

North said that 2019 and 2020 saw the company move forward as a diversified group with multiple products and premium income streams delivered through subsidiary Sunderland Marine.

“The Sunderland Marine offerings of hull, liability and aquaculture, together with our new fixed-premium facility, operating from our newly opened London office, we have seen significant premium growth during the past 12 months, which together with the premium increases for the mutual membership represents solid strategic progress for North,” Jennings said.