P&I

Gard to levy 4% average premium increase on ETC at 2025 renewal

P&I club Gard will levy an average 4 percent premium increase on estimated total call (ETC) for the 2025 renewal to maintain its mutual P&I portfolio at a small estimated loss.

Prudent for P&I market to budget for double-digit IG rate rises: Gallagher

Gallagher Specialty has said it would be prudent for owners to budget for a double-digit increase in reinsurance rates for the International Group of P&I Clubs to accommodate losses from the Baltimore bridge incident.

OMAC is hull insurance carrier for sunken yacht in Sicily

August 21(Reuters) by Noor Zainab Hussain – Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-metre-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter said.

Substantial P&I claim likely after waterspout sinks British Marine-registered Bayesian

A substantial P&I claim is expected after the tragic sinking of the British Marine-registered Bayesian, with Britain’s first tech billionaire Mike Lynch among those declared missing.

London P&I club signs green hydrogen MoU with H2Terminals

London P&I Club has signed a memorandum of understanding with H2Terminals to evaluate and develop insurance solutions for the shipping of green hydrogen.

American Club posts 99% 2023 CR despite increased IG pool exposures

The American Club has posted a 99 percent combined loss ratio for 2023/2024 despite an increase in exposures from the 2023 International Group pool.

London P&I reports $36.3mn 2023-2024 operating surplus

London P&I Club has reported an operating surplus of $36.3mn for the 2023/2024 financial year.

NorthStandard reports 93% 2023/24 combined ratio

P&I club NorthStandard has posted a 93 percent combined ratio for the 2023/2024 policy year, a 2 percentage point improvement on the prior year.

Skuld posts 86% 2023/24 combined ratio

Skuld has posted a net combined ratio of 86 percent for the year ended 20 February 2024, with a technical result of $45mn.

London P&I lines up Bean as CEO after Gooch steps down

The London P&I Club has lined up James Bean as its new CEO with the long-serving Ian Gooch stepping down from the helm.

Baltimore bridge loss estimated at $1bn-$3bn with Lloyd’s share $250mn+

Early analyst estimates are converging around an industry loss of between $1bn and $3bn for the collapse of the Francis Scott Key Bridge in Baltimore this week, with Lloyd’s potentially facing more than $250mn of claims from the event.

Baltimore bridge collapse set to trigger multi-billion dollar (re)insurance loss

P&C losses related to the collapse of Baltimore’s Francis Scott Key Bridge are expected to run into the billions of dollars across multiple lines of business.

Significant P&I claim likely after Britannia-registered Dali causes Baltimore’s Key Bridge collapse

A significant P&I claim that may trigger the International Group of P&I Clubs reinsurance arrangements is likely, after the container ship Dali caused the collapse of Baltimore’s Francis Scott Key Bridge and a subsequent “mass casualty event”.

American Club mutual P&I premium drops 6.5% at 2024 renewals

The American Club saw its mutual P&I book’s relative premium income drop by 6.5 percent at the 2024 renewals, with its combined ratio for the 2023/2024 policy year tracking at 103 percent as of 31 December 2023.

Gard reports 93% CR as 2023 profit hits $236mn

P&I club Gard has posted a net combined ratio of 93 percent for 2023, with its profit after tax of $236mn marking the second-best result in its 117-year history.

Thomas Miller Specialty provides P&I cover for Red Sea’s first casualty Rubymar

Thomas Miller Specialty provides the P&I cover for Rubymar, the first vessel to sink in the Red Sea amid the recent spate of attacks by Houthi rebels.

Navium leads war risk cover for abandoned True Confidence vessel

Specialty MGA Navium Marine leads the war risk cover for True Confidence, the vessel struck by a deadly Houthi attack and abandoned on Wednesday, The Insurer can reveal.

Well-performing P&I records saw rate reductions at 2024 renewals: Aon

Underwriters have been more willing to come down from general increases at this year’s P&I renewals, with an increased number of rate reductions on well-performing records, said Aon.

Gard and Skuld report growth at 2024/25 P&I renewals

Gard and Skuld saw gross tonnage growth of 2.5 percent and 11 percent respectively at this year’s mutual P&I renewals.

Quest for market share leads to P&I market softening at 2024 renewals

Attempts by carriers to maintain market share have allowed brokers to pursue aggressive pricing decreases at this year’s P&I renewals, with some clubs seeing more softening than others as a result.

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