The club reports that insured tonnage and revenues were strong at the beginning of 2014, not quite offsetting a drop off occurring in the latter half of that year, bringing the final figure to $102.3m.
However, the increase in profits was put down to a 5% increase in premiums earned in 2014,as well a 4% increase in the group’s investment earnings.
Meanwhile Eagle Ocean Marine (EOM), the American Club’s fixed premium facility for operators of smaller vessels in local and regional trades, expanded its market footprint during 2014, particularly in Asia, contributing positively to the results with s combined ratio to date of less than 70%.
“2014 was a difficult year, not least for the shipping community itself,” said club chairman Arnold Witte of Donjon Marine. “Nevertheless, the American Club made excellent progress. This is being sustained into 2015.
“Many challenges lie ahead. The slump in the dry bulk markets continues to cause concern. It is to be hoped that freight rates will rise decently, at least over the medium term, as the global economy improves. The board remains optimistic about the future and the club will remain committed to an exceptional level of solidarity with its members.”
Joe Hughes, chairman and ceo of the American Club’s managers, Shipowners Claims Bureau, added: “Notwithstanding a difficult business environment, 2014 was a good year. Claims exposures continued to develop favorably, premium pricing stayed firm and investments performed well. In addition EOM saw its profits rise, the club’s surpluses increased and free reserves per ton strengthened considerably.
“These positive trends have continued into 2015. It is especially encouraging to see a further increase in the club’s surplus during the first quarter.”
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
