The International Group of P&I Clubs has confirmed the structure of its $3.1bn group excess of loss reinsurance contract for the 2025/26 policy year, with the group highlighting a recent uptick in pool claims activity amid a “challenging” year dominated by the Baltimore bridge incident.
P&I
The UK government has expanded its list of sanctioned entities with 30 new vessels and two Russian insurers targeted in its largest shadow fleet-focused sanctions package to date.
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.
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.
August 21(Reuters) by Noor Zainab Hussain – Yacht insurance provider OMAC is the carrier on the hull for the
August 21(Reuters) by Noor Zainab Hussain – Yacht insurance provider OMAC is the carrier on the hull for the
A substantial P&I claim is expected after the tragic sinking of the British Marine-registered
London P&I Club has signed a memorandum of understanding (MoU) with H2Terminals to evaluate and develop insurance solutions for the shipping of green hydrogen.
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 Club has reported an operating surplus of $36.3mn for the 2023/2024 financial year.
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 has posted a net combined ratio of 86 percent for the year ended 20 February 2024, with a technical result of $45mn.
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.
A significant P&I claim that may trigger the International Group of P&I Clubs (IG)’s 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”.
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.
