UK-based International Group Club West P&I has reported a “disciplined renewal” which saw a premium increase of 9% on renewing mutual business. Gross premiums across all its business lines have exceeded $300m for the first time in the Club’s history.
The Club said that its “selective approach to growth throughout the year and at the renewal” resulted in 6m gt tonnage growth across the year.
West said that “in a continuing strong show of support from our Members, 99% of tonnage offered renewal terms renewed with the Club and existing Members committed a further 1.6m gt of tonnage”.
Entered mutual tonnage now stands at 96m gt.
Adjustments throughout the year, together with restorative action at renewal, saw the Club address what it described as “widespread erosion of FD&D premiums in recent years”, with an increase of 4.26% achieved on renewing tonnage.
“Continued and steady growth in the Club’s chartering and fixed books also contributed to a strengthened balance sheet”, the Club said.
https://www.westpandi.com//Publications/News/February-2023/Renewal-2023