The Shipowners' Protection Ltd

The Shipowners’ Club, the specialist P&I mutual serving the smaller and specialist vessel sectors around the world, has achieved a very good result for the year ended 20^th February 2013, in spite of still difficult economic conditions and an increasingly competitive market. 

London, Luxembourg, Singapore & Vancouver, 14th June 2013

The Club saw the number of vessels entered grow by some 4.6% in the year to nearly 33,000, their total tonnage rising by 10.8% to 21.9 million GT. This led to a 5.8% increase in gross premiums of USD 221.9 million. The Club’s Annual Report emphasised that the increase in premium had been achieved through organic growth without the need for substantial general increases.

As other clubs have also reported, Shipowners saw claims frequency and the average cost of claims per ton increasing, particularly with higher value claims.  However, there was an improvement in claims reserves from previous years and the overall underwriting surplus reached USD 8.9 million representing a combined ratio of 95.5%. The Club’s investment portfolio performed very strongly with a 7.8% absolute return helping to achieve an overall surplus of USD 40.9 million, increasing capital and free reserves to USD 275.3 million, over 17% up on the previous year.

In his review of the annual results Chairman Donald MacLeod emphasised that the Club continued to grow in a measured and sustainable manner. “What is particularly gratifying is the fact that these positive results have been consistently produced over multiple years,” he said.  “Over the past five years prudent underwriting and management practices in a highly volatile and competitive market place have resulted in an average combined ratio of 88.9%.”

The Club’s Chief Executive, Charles Hume was satisfied with another year’s surplus on the underwriting account which he said, “is consistent with the Board’s policy of maintaining a target combined ratio below the break even 100%.”  Hume also commented, “We firmly believe that the financial strength of the Club is of paramount importance to the Members. It is absolutely essential that the Club is very well funded to ensure its security and stability for the benefit of the membership long into the future.”

In addition, Hume concludes, “It is only by constantly anticipating, and regularly exceeding, our Members’ and brokers’ expectations that we will maintain the reputation of the Club for excellent service. That is our most important objective.”

Financial Highlights as at 20^th February 2013 (vs 2012)

• Net result:  Overall surplus of USD 40.9 million (USD 46.5 million)
• Gross premiums earned: USD 221.9 million (USD 209.7 million)
• Claims incurred, net of reinsurance:  USD 146.8 million (USD 118.2 million)
• Combined ratio:  95.5% (85.0%)
• Operating expenses: USD 44.3 million (USD 43.0 million)
• Investment return net of tax:  USD 31.9 million gain (USD 18.0 million  gain)
• Capital and free reserves: USD 275.7 million (USD 234.8 million)

A pdf of the full Annual Report 2013 is available for download at www.shipownersclub.com

ENDS

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to smaller and specialist vessels since 1855. The Club currently insures nearly 33,000 vessels from over 6,000 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has offices located in London, Luxembourg, Singapore and Vancouver.

A developing trend in the number and quantum of higher value claims has led the smaller tonnage specialist the Shipowners’ Club to announce a general increase in premiums of 5% from 20^th February 2013.

12^th October 2012

In its half-yearly report published today, Shipowners highlights the continuing growth in the Club.  This is a reflection of fleet growth and the purchase of extended cover by existing Members, and the addition of new Members throughout the six month period. Despite there being no general increase for the current year, earned premiums for the period are up by 4.4% compared with 2011 and entered tonnage is up by a similar percentage (4.3%).

This growth has been carefully controlled and the performance for the period has remained strong with an underwriting surplus of USD 9.8 million representing a combined ratio of 90%.

The Club’s investment strategy is providing satisfactory results with both bond and equity portfolio returns ahead of expectations and a total return on investments of USD 6.1 million.  This has contributed to an overall surplus for the six months of USD 15.6 million, increasing free reserves to USD 250.4 million.

However, a trend which began in 2011 is evolving more strongly in 2012.  Once fully developed, it is anticipated that the 2011 claims position will show a 10% increase in the cost of claims per ton as compared to 2010. This trend has continued through the first half of the current year with claims in the higher value range (USD 1 million to USD 5 million) increasing significantly in frequency against  the same period in 2011.

This pattern of claims makes it necessary to impose a general increase of 5% on premiums at the next renewal to ensure that the Club’s strong operating performance continues in 2013.

Commenting on these results, Shipowners’ Chief Executive, Charles Hume said, “While we are happy to see the continued growth in the Club as indicated by increases in both earned income and tonnage, we must also react to the trend of rising claims.  In addition to our own retained claims we must anticipate an increase in the cost of our reinsurance programme and the Directors have therefore decided that there should be a 5% increase in premiums, which will include any additional reinsurance cost.

“We appreciate that operating conditions remain difficult for many of our Members but we must ensure that the Club’s premium income and claims remain in balance.  We are confident that our Members will recognise the importance of maintaining the Club’s financial security into the future,” concluded Hume.

ENDS

Notes for Editors:

A pdf of the Half Year Report 2012/13 is available for download at http://www.shipownersclub.com/ebooks/halfyearreport201213/index.html

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small and specialist vessels since 1855. The Club currently insurers over 33,000 vessels from more than 6,200 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in London, Singapore and Vancouver.

The Shipowners’ Club, the specialist P&I insurer serving the global, smaller and specialist vessel sectors, announces its results for the year ended 20^th February 2012, which feature a healthy overall surplus, increased premium revenues and growth in both tonnage and Member numbers.

London, Luxembourg, Singapore & Vancouver, 14^th June, 2012

The most positive aspect of a very strong set of results was the increased gross written premiums at US$ 209.7 million, up 6.5% on last year.  Growth was certainly the underlying theme, with the total number  of Members up by 5.3% to 5,922; vessels entered increasing by 8.1% to 31,341 and total gross tonnage  rising to 19.8 million, an up-lift of 11.2%.  Shipowners’ financial security was also reinforced by a growth in free reserves to US$234.5 million resulting in total funds of US$ 502 million, an increase of 16.5% on the position at the previous year end.

In commenting on the results, Charles Hume, Chief Executive said, “We believe that our further growth last year is indicative of the continued strength and stability which our Members find in the Club during uncertain and volatile times.”

Given the difficult trading conditions in all markets over the twelve-month operating period, Shipowners was also pleased with its strong technical performance.  The overall surplus of US$ 46.5 million consisted of an underwriting surplus, up 13% on last year at US$ 28.6 million and an investment return of US$ 18.9 million before taxation.  The underwriting result represents a combined ratio of 84.9%, in line with the previous year and the investment result is a 4.8% return on capital.

“Our technical result confirms our determination to underwrite to a modest surplus and is reflected in our average combined ratio over a ten-year period of 97.1%.  Our Members appreciate that we have no additional or release calls and the Club’s ‘what you see is what you get’ approach.  We look forward to working together with our Members in continuing to enhance the financial security and service that we provide.” said Hume.

Shipowners’ steady growth has been founded on a superior service to its Members, including loss prevention advice, claims handling expertise and responsive underwriting.  Recently, additional investment in staff has been significant, strengthening the Club’s resource in all three of its operational offices in London, Singapore and Vancouver. New product development is also key to Shipowners’ growth strategy and a commitment to policy wording simplification in certain vessel categories, notably yachts last year. With fishing and passenger vessels to come, this has met with an encouraging degree of success.

ENDS

Financial Highlights as at 20^th February 2012 (vs 2011)

• Net result:  Overall surplus of US$46.5 million (US$52.9 million)
• Gross premiums earned: US$209.7 million (US$196.8 million)
• Claims incurred, net of reinsurance:  US$115.4 million (US$106.3 million)
• Combined ratio:  84.9% (85.0%)
• Operating expenses: US$43.0 million (US$40.5 million)
• Investment return:  US$18.9 million gain (US$27.6 million  gain)
• Free reserves: US$234.5 million (US$187.9 million)

A pdf of the full Annual Report 2012 is available for download at www.shipownersclub.com

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to smaller and specialist vessels since 1855. The Club currently insures over 31,000 vessels from 5,922 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has offices located in London, Luxembourg, Singapore and Vancouver.

New publication from P&I insurance specialists, The Shipowners’ Club draws together years of loss prevention experience to help vessel owners and crew enhance safety working at the most dangerous job in the world

London, 25^th April, 2012

Mutual insurance provider The Shipowners’ Club, has produced a comprehensive handbook ‘Fishing vessel safety’ highlighting areas in which crew members can become more safety aware, while assisting crew and owners alike to recognise potential dangers and operating hazards.

Fishing is the most dangerous job in the world. The International Labour Organisation estimated in 1999 that 24,000 fatalities occurred worldwide in capture fisheries each year and various studies since show fatalities on fishing vessels remain a real threat.

This is backed-up by the claims records of incidents advised to the Club that historically show personal injury and illness as the area causing the most reported cases. These events are often of a nature that could easily result in death and the consequences have a huge impact on the families and dependants of the unfortunate seamen.

“We realised a safety guide was warranted as we became aware of the extent and nature of incidents that our Members have experienced, as well as seeing evidence from other industry studies,” explained Louise Hall, Loss Prevention Manager in Shipowners’ London branch. “The intention was not to create a bible of safety for fishing vessels, more to highlight crucial areas related to our historical claims and to address those.”

“The booklet can be used by the skipper or the shore-side office as a guide to what is expected of them regarding training of their crews, safety and maintenance. It can also be used by crew members to help them take responsibility for their own safety and to do their own risk assessment when on board. It can be read all at once but it can also be used as a reference guide as well.”

The publication is divided into sections that cover the vessel, basic stability, navigation, working safety equipment and risk assessments, with real-life case studies included as useful appendices.

“It can be very hard to get people’s attention in training or to engage a reader, so we have included case studies which are real cases,” said Louise Hall. “When you’re reading about an incident that has actually happened, there is significantly more impact on the reader than a hypothetical event, and so this is a useful training aid.”

The booklet urges fishermen to remember that their vessels are moving; often with wet platforms and therefore the risk associated with any task will dramatically increase. The decks of a fishing vessel are very busy with many pieces of equipment i.e. ropes, wires, nets and shackles being utilised simultaneously.

“One important message is that people should wear life-jackets or life-belts all the time when on deck,” said Louise Hall. “Studies have shown that the highest percentage of instances of death is caused by people not wearing flotation devices.”

The booklet was written with the assistance of Club Member Austral Fisheries Pty Ltd, as well as the North Pacific Fishing Vessel Owners’ Association and Seafish, a UK government-backed organisation that supports all sectors of the seafood industry. Shipowners is also supporting Seafish in an initiative to promote better safety practice through the provision of on board safety kits.

“As a mutual insurer, we take time to better understand our Members’ risks of operation and because we are involved with associations that represent our Members, we are able to understand more clearly what really goes,” said Louise Hall. “Consequently we believe this handbook will be a genuinely useful resource for our Members.”

The Shipowners’ Club loss prevention publication ‘Fishing vessel safety’ is available free of charge to Club Members.

—-Ends—–

Notes for Editors:

A PDF of the handbook ‘Fishing vessel safety’ is available on request from ISIS Communications (contact details below).

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small and specialist vessels since 1855. The Club currently insurers over 30,000 vessels from more than 5,600 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.

Media Contacts:

Louise Bradley

The Shipowners’ Protection Limited

Tel: +44 (0)20 7423 7103

E-mail: louise.bradley@shipowners.co.uk

Web: www.shipownersclub.com

London, Singapore and Vancouver, 27^th February, 2012

The Shipowners’ Club have announced a series of new appointments, which take effect from the start of the new policy year, 20^th February 2012.

Steve Randall takes up the post of Commercial Director – Asia on the board of Shipowners’ Asia Pte Ltd, which manages the Singapore branch of the Club. His appointment will mirror Simon Swallow’s as Commercial Director on the board of The Shipowners’ Protection Limited (SPL) with whom he will closely collaborate.  Steve will have specific responsibility for leading the development of the Club’s business in the Asia-Pacific region, and will retain his responsibilities as co-manager with David Heaselden of the Singapore branch.

Ian Edwards becomes Underwriting Director on the SPL board, taking over the leadership of the technical underwriting operation of the Club from Simon Swallow, setting and overseeing the implementation of the Club’s underwriting and pricing policies in collaboration with branch managers.   Ian will retain his responsibilities as co-manager with Britt Pickering of the London branch.

Britt Pickering is appointed Claims Director on the SPL board cementing her position as global Head of Claims.  She will retain her responsibilities as co-manager of the London branch.

Jeremy Slater becomes Underwriting Manager – Singapore branch, reflecting the growing business underwritten through Singapore and the need to develop the management support of the branch. Reporting to Steve Randall, he will take over some of the underwriting management responsibilities which Steve has had until now.

By June of this year, Paul Smit will take up the post of Deputy Claims Manager, Singapore branch, in order to enhance the claims service and ensure that the speed and quality of claims handling is ever more responsive. He will provide management support to Mike Hammond, Claims Manager, as well as handling claims himself.

Rob Cook is promoted to Syndicate Claims Manager – UK and Rest of the World syndicate, London branch, taking over from Paul Smit.

Following the continuing growth of the Club and a successful renewal for the premium year 2012/13, these appointments recognise the significant contribution of those concerned to the leadership of the Club into the future.

Charles Hume, Chief Executive, said – “We are very grateful to our Members and their brokers for their continuing support which has seen on-going growth of the Club and a successful renewal.  We hope that these appointments will reinforce the management structure and enable us to enhance and develop the service which we offer.   I congratulate all those who will be taking on these responsibilities and am delighted to see their progression into new roles which will help lead the Club into the future.”

ENDS

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small vessels since 1855. The Club currently insurers over  29,000 vessels from more than 5,600 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.

For high resolution digital images of all those mentioned in this press release, please visit the ISIS Communications Photo Library.

The Shipowners’ Club has once again held its premiums to the previous year’s levels, and has reported an increase of 7.3% in earned premiums for the half-year ended August 2011.

In its half-yearly report, Shipowners states that its strong results are a reflection of the organic growth it has experienced during the 2010 policy year, principally from the offshore sector. Entered tonnage increased by 6.5% to 19.45 million GT, driven by new business which in turn has been attracted by an expert claims handling service and the benefits of comprehensive liability insurance.

Commenting on the results, Shipowners’ Chief Executive, Charles Hume, stated: “We are very pleased to announce there will be no general increase to our premiums for the coming year.  Despite a recognition that claims are starting to increase again, Shipowners continues to grow, reserves are strong and the underwriting performance for the first half of the year is producing some encouraging signs. We are also conscious that many of our Members continue to experience very difficult operating conditions, and we believe it is part of a club’s role to help owners keep insurance costs to a minimum.”

The half-yearly unaudited figures showed gross income for Shipowners rising to US$103.3 million. This was achieved in spite of a volatile start to the policy year with claims values up over 20% and an increase of 2% in claims frequency when compared with the 2010 policy year.

Against an uncertain backdrop in investment markets, Shipowners’ investment managers produced an aggregate return on investments for the first half year of 0.8%, and, together with other exchange gains, there was an overall return on investments of US$4.8 million.

Despite announcing no general increase in premiums, Hume emphasised, “Maintaining the financial stability of Shipowners is essential. We will review closely the record and risk of each Member, working with the broker to ensure that the premiums and terms of entry are commensurate with the risks that each operation brings.”

ENDS

Notes for Editors:

A pdf of the Half Year Report 2011/12 is available for download at www.shipownersclub.com

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small and specialist vessels since 1855. The Club currently insurers over 30,000 vessels from more than 6,200 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.

 18^th October 2011

David Heaselden, Loss Prevention Director, The Shipowners’ Club

The Shipowners’ Club, the mutual P&I insurer specialising in small and specialist vessels has appointed David Heaselden to the new post of Loss Prevention Director, with immediate effect.

The post, which is an appointment to the Shipowners’ Protection Limited Board reflects the importance Shipowners’ Club accords to loss prevention advice provided to its Members. Announcing the appointment Charles Hume, Chief Executive commented, “David’s outstanding cross-branch leadership of loss prevention is recognised by his appointment; we will also be looking to his organisational skills to enhance our emphasis on loss prevention at Board level and strengthen the liaison in productive effort between our branches in Singapore and London”.

David joined the Shipowners’ Club in 2001 as Loss Prevention Manager with overall responsibility for loss prevention initiatives and the Ship Inspection Programme. In 2003 he was appointed Chairman of the International Group’s (IG) Ships Technical Committee (IGSTC), where he supervised the technical aspect of the Committee’s input to the IG’s response to the OECD Policy Statement on Sub-standard Shipping in 2004; and the development of the Group’s initiatives on monitoring the quality of tonnage joining IG Clubs.

In April 2009 David transferred to the Singapore branch as Principal Officer, assuming responsibility for the management of the office function as well as continuing to run the Loss Prevention team. Following his move to Singapore he has continued in the role of Chairman of the IGSTC.

David sees his new role as having two major objectives: “The first, to enhance and continue the success of the Club’s Loss Prevention initiatives driven by a team which has grown in size and stature to a total of seven staff; and the second, to continue and further enhance the cooperation between the three Shipowners’ branches in London, Singapore and Vancouver in order to deliver the highest standard of loss prevention advice to Members and the industry as a whole”.

ENDS

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small and specialist vessels since 1855. The Club currently insurers over 30,000 vessels from more than 6,200 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.

The Shipowners’ Club, a leading P&I insurer, specialising in the provision of cover for small and specialist vessels worldwide,  has announced the establishment of a dedicated team of underwriters and claims handlers to service its expanding book of business in the offshore sector

 London, 22nd August, 2011

The Shipowners’ Club recently announced measures to reorganise its London branch.  This included the setting up of two internal syndicates, bringing together both underwriters and claims handlers specialising in specific geographical regions; a third syndicate will focus on the offshore sector.  Providing liability insurance to the vast array of offshore and platform support vessels, from anchor handlers, tugs and workboats to the fast crew boats employed in the energy industry, already forms a prominent part of the Club’s portfolio.  Shipowners plans to develop its reach to owners and brokers of this vessel type even further.

Charles Hume, Chief Executive of the Club comments, “The syndicate concept is one that we believe will ensure the Club’s high service levels are maintained and indeed enhanced.   We recognise that our membership in the offshore sector represents a key element of our overall business.  We expect this specialist syndicate to provide both outstanding service to existing Members and to further develop our market share in this area, which demands significant expertise.”

The Offshore Syndicate will be headed by William Tobin as Underwriting Manager, with Helen Todd as his deputy and Jonathan Clark as Claims Manager, all three having a wealth of experience in handling offshore business. They will be supported by a team of underwriters and claims handlers, many with legal experience, who will be ready to respond to all enquiries which often include the urgent assessment of contracts, an ever-increasing demand from this industry sector.

William Tobin explains the thinking behind the move, “We have merged the underwriting and claims teams working with offshore Members in order to deliver the most relevant, and at the same time widest possible, specialist cover for vessel owners in this sector.  The move will also enable us to create close and productive relationships with the broker community. 

We always recognise the importance of finding tailored insurance cover and service packages.  In the case of our offshore Members, contract review is a vital part of our service. Detailed review enables us to ensure that the cover we provide can match Members’ contractual liabilities.”

The enhanced focus provided by the Offshore Syndicate is in line with the Club’s strategy to strengthen relations with Members and brokers alike and learn from them what more the Club can do to develop any additional insurance products they would like to see. .  This is underpinned by an existing, systematic and focussed development of simplified insurance products in response to Member and broker demand.

ENDS

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small vessels since 1855. The Club currently insurers over  29,000 vessels from more than 5,600 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.

London & Singapore, 9^th August, 2011

Steve Randall - General Manager Director, Singapore

Growth in demand for its liability insurance cover for small and specialist vessels of all types is cited as a major imperative behind Shipowners’ moves to expand its team of underwriters and claims handlers at its Singapore branch.  Improved customer service to Members and their brokers based on local, time zone based expertise is another goal of the expansion.  As is the development of new products and simplification of existing cover more appropriate to the market’s needs.

Robert Hunt has responsibility for the Club’s Australasian and Far Eastern Members

Robert Hunt, is moving from the London branch to Singapore in early-August.  Robert, who has worked in the P&I market for many years, firstly as a broker and for the last seven years at  Shipowners as an underwriter, has had responsibility for undertaking the Club’s Australasian and Far Eastern Members for some years and will be better positioned geographically to service these accounts from the Club’s Asian hub. 

Dolf Ng

Joining Shipowners after five years with Standard Asia is Singaporean Dolf Ng.  Also an underwriter, who started with the Club earlier this year, Dolf will bolster the branch’s underwriting capacity and help develop the Club’s business in the Asia-Pacific region.  The department is also well supported by two underwriting assistants; Celinne Lim gained experience in commercial underwriting before joining the Club a little over two years ago and Yang Shangrong, who joined late last year and has a varied background in business commerce solutions and sales and customer support.

Celinne Lim

Yang Shangrong

On the claims side, the Singapore branch has significantly developed its resource within the last six months with two claims handlers having been appointed earlier this year; Shirley Ng has experience as both an insurance broker and a claims manager at a freight forwarding company in Singapore, while Rosli Bin Samat has a wealth of marine and cargo related experience.  Having joined Shipowners from a position responsible for insurance claims at a major shipowner involved in the offshore industry, Rosli also has experience as a marine surveyor and has three years sea-going experience. 

Shirley Ng

Steve Randall comments, “We are determined to resource the branch with the relevant skill set to further improve our service to Members and their brokers here in the Asia-Pacific region.  Our commitment to provide insurance solutions and to develop new products has never been stronger and we will develop our programme of tailored seminars to help inform Members on loss prevention and claims reduction management in particular.”

Rosli Bin Samat

ENDS

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small vessels since 1855. The Club currently insures almost 29,000 vessels from 5,624 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.

London, Luxembourg,  Singapore & Vancouver, 25^th July, 2011

As part of its on-going drive to increase both customer focus and operational efficiency, the Shipowners’ Club, which specialises in the provision of P&I insurance cover for small and specialist vessels worldwide, has restructured the key departmental functions at its London branch. 

The claims and underwriting teams will now be organised according to three distinct areas of responsibility, called syndicates.  Within each syndicate underwriters and claims handlers will work alongside each other, bringing a greater degree of synergy to the Club’s service delivery to Members.

One syndicate will handle European business; another will manage the “rest of the world” accounts, which fall within the London branch’s realm of responsibility* and a third syndicate will focus on the offshore sector.  The latter is an area already prominent in the Club’s portfolio and within which Shipowners plans to develop its service offering further.

In announcing the changes Shipowners’ CEO, Charles Hume, said, “We believe that the Club’s new operational approach will provide Members and their brokers with a rounded overall service, more attuned to their needs and will help to develop customers’ relations with a broader range of the Club’s staff, putting a larger degree of their skills at the Members’ disposal.”

The London branch’s loss prevention team will sit alongside the syndicates and continue to assist Members in minimising their exposure to risk.   The syndicate concept is one that the Club’s managers believe will ensure that service levels are enhanced and in every case will confirm with Members and their brokers that they are comfortable with the arrangements going forward.

The re-organisation at the London branch of the Club forms part of a continuing programme to re-energise customer relations, stabilise existing business and engender growth through closer links with all its customers, Members and brokers alike.  This growth will be underpinned by a systematic, focussed development of simplified insurance products; this process of simplification is in specific response to customer demands. 

Announcements by Shipowners covering expansion at its Singapore branch, the details of its new offshore syndicate in London and the terms of a number of simplified forms of cover aimed at specialised small vessel sectors will be made over the coming months.

In addressing potential concerns of Members over the consequences of the changes, Hume concluded, “Inevitably there will be some re-allocation of responsibilities and as such it is possible that an individual underwriter or claims handler, who previously looked after a particular Member’s affairs, may change.  We plan to limit this disruption as we recognise the importance of existing relationships.  Such potential changes will be discussed individually with Members.”

*The Club’s other two branches in Singapore and Vancouver are responsible for the Asia-Pacific and the Americas regions respectively

ENDS

Notes for Editors:

The Shipowners’ Club is a mutual marine liability insurer, providing Protection & Indemnity insurance to small vessels since 1855. The Club currently insurers almost 29,000 vessels from 5,624 Members worldwide and is a member of the International Group of P&I Clubs.

The Club has branches located in Luxembourg, London, Singapore and Vancouver.