The UK P&I Club and NorthStandard, both members of the International Group of P&I Clubs, have released their respective sets of financial results.
UK P&I Club
According to the UK P&I Club, its gross written premium for the year ended February 20, 2023, went past the US$500 million mark for the first time. The milestone was attributed to the expansion of the club’s fixed premium protection & indemnity business.
Additionally, the marine insurer’s combined ratio improved from 115% previously to 104% this time around. Its investment portfolio, however, shrank by 3.8% due to rising interest rates and global inflation.
Commenting on the numbers, UK P&I Club chair Nicholas Inglessis said in an emailed release: “During the past 12 months, the club has added tonnage from both existing and new members, as well as developing its offerings in fixed premium and offshore products.
“The improvement in the combined ratio reflects both the improving pricing environment and the club’s disciplined underwriting approach.”
Chief executive Andrew Taylor went on to highlight the club’s resilient capital base, pointing to improved regulatory capital ratio of 200%.
As for NorthStandard, which came to life through the merger of North P&I Club and the Standard Club in February, the consolidated business is already reaping the benefits of the union.
“Even at this early stage, NorthStandard is delivering as a platform for stability, growth, and diversification,” co-managing director Jeremy Grose stated in a release. “We have brought together the best of the approaches on which North and Standard Club both built success in specialist covers such as offshore & renewables, strike & delay, H&M, coastal & inland, fishing, and aquaculture.
“We have also strengthened our geographic reach with a new operating structure and wider office network, enhancing our ability to expand – particularly in Asia, the Middle East, and the USA.”
NorthStandard’s net combined ratio for 2022/23 stood at 95%. Combined specialty revenues, meanwhile, contributed more than US$200 million towards overall 2023 premiums. It was noted that total post-renewal premium revenues grew to over US$800 million.
Co-MD Paul Jennings commented: “The NorthStandard business strategy is to build a diversified portfolio with a range of mutual and specialty products, delivering the broadest range of marine insurance solutions relevant to our members and clients and their operations worldwide.
“As a club, we benefit from the breadth of exceptional service and expertise as well as the financial stability that comes with a diverse portfolio and, over the last 12 months, we were particularly pleased to see the continued positive premium income contributions from specialty lines.”
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