West of England Club has said that its successful completion of its 2021 renewal was achieved “in especially challenging circumstances”.
Underwriting Director Simon Parrott said that “whilst recognizing the difficult trading conditions many Members face, the industry-wide challenges arising from the upturn in claims particularly on the IG Pool necessitated increases in premium and these were broadly achieved at renewal”.
Parrott said that “the reduction in tonnage which was an inevitable consequence of strategic de-risking was largely balanced by organic growth from existing Members, who have once again demonstrated their sustained trust and confidence in West’s capital strength and service excellence”.
The two counter-balancing forces left combined owned and chartered tonnage “broadly unchanged” at 145m gt.
Group CEO Tom Bowsher said that “conducting a renewal virtually without the opportunity to meet with our Members has been difficult, but I’m pleased that the Club is in a strong position to move forward in what will hopefully be a better year for all.”