North P&I Club has said that, following the conclusion of the 2020 renewal, early projections suggested that it had increased its total entered tonnage to above 230m gt. North said that owned P&I tonnage had reached 160m gt.
Nort of England Club CEO Paul Jennings said that “our 2020 renewal strategy focused on the need to build the Club’s financial strength and stability in a climate of rising International Group Pool claims and continuing premium erosion. To offset the suppression of rates and premium income, we required a 7.5% rating increase from our membership at the February 2020 renewal to maintain the Club’s financial equilibrium. This was our first general rating increase since 2016.”
North chief underwriting officer Thya Kathiravel said that “we are pleased to be projecting that our total entered tonnage will reach 230m gt and we expect P&I owned gross tonnage to reach 160m gt”, adding that “combined owned and chartered tonnage for FD&D reached nearly 180m gt for the first time in North’s history”.
Paul Jennings concluded: “Through the Sunderland Marine offerings of Hull, Liability and Aquaculture together with our new Fixed Premium facility, operating from our newly opened London office, we have seen significant premium growth during the past 12 months, which together with the premium increases for the mutual membership represents solid strategic progress for North.”