West of England Club has announced “a positive renewal period with continued support being seen from new and existing Members and a modest increase in renewing premium”. The Club was the only Group Club to say that a small increase in premium was necessary for the 2019/20 policy year.
Owned mutual tonnage grew over the year to 90m gt, including the addition of new Members at renewal; the club said that a further 1.5m gt had already been committed to the Club for the forthcoming policy year.
Continued strong performance by the Club in key markets such as Europe and Asia helped total entered tonnage to grow to 132m gt during the 2019/2020 policy year. A “particularly positive” renewal for its fixed premium offering was reported.
West of England CEO Tom Bowsher said that “we have previously said that premiums in the industry are at unsustainable levels, so this was not a year for rapid tonnage growth. We were pleased to achieve our renewal objectives and to see continued confidence in the Club from new and existing Members.”
In the Spring the club will be making its previously announced move “to a more efficient office space in the City of London”.