Two major casualties had an impact on North P&I Club’s underwriting figures for the policy year ending February 20, the club said. However, the period also saw the launch of new products, member retention at 99% and more tonnage insured than ever before. North also received an “A” financial strength rating for the 15th consecutive year.
“Rising claims based on greater market share and weak pricing pointed towards an underlying combined ratio for North of 108% -- closely aligned with International Group of P&I Clubs counterparts – but North’s exposure on the Grande America and Golden Ray casualties helped push the figure to 125.8%,” North said.
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