Eagle Ocean Marine (EOM), the fixed premium facility of the American P&I Club, has continued to perform well and is paying dividends to the parent mutual, American Club CEO Joe Hughes told an audience in London on Friday as part of a market update for American P&I Club, its fixed premium operation Eagle Ocean Marine (EOM), and American Hellenic Hull (AHHIC).
EOM operates with American Club paper and is operated by Eagle Ocean Agencies, an affiliate of Shipowners’ Claims Bureau (SCB), in order to distinguish EOM from the P&I Club. Hughes noted that, although the company offered fixed premium cover for vessels up to 12,500gt, in fact the average size of insured vessels 2,500gt. It is biased towards non-US local and regional operations, with 79% of its business being in East Asia, split roughly equally between SE Asia and Greater China (China, Taiwan, Hong Kong). Premiums are now up to about $7m to $8m annually, with a current combined ratio of just 62%. It has a quota share with Lloyd’s and the London Market up to $10m per risk and excess layers up to $500m per risk.