Broker Gallagher has released its 2020 pre-renewal review, covering past results and the situation for the policy year to date, with individual sections on the Group Clubs. Today: West Of England
Full Name: West Of England Ship Owners Mutual Insurance Association
Web Address: www.westpandi.com
Address: 90 Fenchurch Street, London, EC3M 4ST, UK.
Tel: +207 283 4646
Fax: +207 549 4243
S&P Rating (last change: increase to A from A- in 2014) A (Stable)
Types of vessel entered
|Container/ General Cargo||27%|
Gallagher asked West’s CEO Tom Bowsher what was the most valuable lesson learnt this year. He said that it was “the need to continually to adapt and evolve to meet our Members’ needs”. He said that “we successfully and rapidly changed the way we work on a daily basis due to the pandemic but as importantly demonstrated our progressive outlook through the launch of our partnerships and joint ventures that enhance the product suite available to our Members. We have and must always remain sufficiently agile to meet the changing demands of our shipowners.”
In reply to the question whether he would have done anything differently, Bowsher said that this year all of us had been forced to navigate in waters that were unchartered for society as a whole, let alone insurers, “and we, like everyone else, have had to learn lessons quickly along the way. But we are proud that our business has continued to function seamlessly and look forward to the return of normality whenever that might be.”
Gallagher commented that in the previous financial year the Club sold its Headquarters building which, “with the benefit of hindsight and in light of the probable ramifications on central London commercial property prices from sustained home working, could prove to have been a very sound decision.”
During 2020-21 the Club has embarked on a sequence of diversification following the recent introduction of a fixed premium small craft product which has brought some 1.8m gt of new business in its early days. The Club has also acquired an equity stake in Nordic Marine Insurance, from Alandia Insurance, which provides specialist products for the shipowner and charterer including delay cover and lien insurance.
Other diversification has been more in the lines of ancillary services, with the acquisition of interest in two other projects. Firstly the Club has acquired a significant stake in Astaara Company Ltd, a marine cyber insurance provider / risk manager. Astaara was founded by former Standard Club underwriter, Robert Dorey.
Secondly, the Club has set up, in partnership with C Solutions Limited, QWEST, which aims to offer products and services to assist ship operators, such as legal and claims support, forensics and assistance with demurrage recoveries.
|On Advance Call||2.5%||5.0%||0.0%||0.0%||0.0%|
|POLICY YEAR DATA||2019-20||2018-19||2017-18||2016-17||2015-16|
|Total Free Reserve||338.2||306.4||308.5||306.5||276.7|
|Tier 1 Capital||321.6||308.9||296.0||300.0||–|
|Tier 2 Capital||87.9||82.7||92.0||87.0||–|
|Solvency Capital Required||175.8||165.4||184.0||174.1||–|
|Return on Total Assets||5.97%||3.67%||3.01%||2.56%||1.53%|