The West of England P&I Club (West) has announced a positive outcome from its 2024 renewal period across all business lines, with an expected combined ratio of under 100%.
In 2023, West explains that it has continued its strategy of selective new business acquisition, which, alongside significant organic growth from existing members, has resulted in an increase in total Mutual tonnage to over 100 million gross tonnes (GT), up from 96 million GT the previous year.
In addition to growth in mutual tonnage, West has seen considerable expansion across other lines, including fixed, charterers, and hull insurance. The latter has had a particularly successful inaugural underwriting year, with a number of the club’s mutual members opting for coverage from this new facility, indicating a strong market reception.
The club has also maintained a high retention rate of 99% for renewing business for the second year running. This reflects ongoing member support and commitment, aligning with the Club's objectives as set by its Board for net mutual premium and term changes.
Simon Parrott, underwriting director at West P&I, expressed satisfaction with the renewal outcomes and thanked its members and partners.
“We are pleased to have concluded another successful renewal, which builds on the strategy adopted in recent years to strengthen the club’s capital base through a fair and transparent approach to underwriting,” Parrott said.
Tom Bowsher (pictured above), group CEO of West P&I, also shared his enthusiasm for the renewal results, which he believes position the club well financially.
“Whilst the capital strength of the Club is a priority of our Board, the high levels of service and support to our membership is also a primary objective of West,” Bowsher said. “To demonstrate our commitment to this, we continue to strengthen our teams globally as well as increase our investment and time in digitalisation to ensure the assistance and advice we provide evolves to the changing needs of our members and ongoing market developments.”
In line with its goal to offer a wider array of products to its members, West recently introduced hull, war, and piracy protection in 2023. These new offerings supplement the Club’s existing portfolio, which includes P&I, defence, charterers, fixed premium, and extended covers, alongside partner products for Delay (with Nordic Marine Insurance), Cyber Risks (with Astaara), and legal and claims consultancy (with Qwest).
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