UK Club has said that, despite the challenges of a remote renewal, it had “delivered a strong, disciplined renewal in a competitive market”.
It reported 98% renewing for a further year and said that the Club had achieved “its key target of improving premium rates, with a small reduction in tonnage”.
It said that the combined Mutual and chartered tonnage entered into the Club remained above 255m gt. Mutual tonnage at the start of the new year was 137m gt (reported figure at start of last policy year, 143m gt).
UK Club said that its primary goal at the 2021/22 renewal was to find “a balance between the needs of the Club’s Members on the one hand, and the Club’s commitment to maintaining balanced underwriting and sound financial planning to secure the long term stability of the Club”.
UK Club CEO Andrew Taylor said that “the Club’s primary goal remains to deliver a stable and secure Club working in partnership with our Members to attract carefully selected tonnage at the right rates, which we have achieved at this renewal.”