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UK P&I Club grows fleet at 2015 renewal

UK P&I Club grows fleet at 2015 renewal
The UK P&I Club increased its fleet of insured owned tonnage by 1.2m gt to 127m gt and achieved a 3.5% premium increase for renewal business.

The Club reported an increase of 1.2m gt of owned tonnage insured despite declining to quote on 2m gt of potential new business. Combined mutual owned and chartered tonnage increased 3% in the previous policy year, to 225m gt.

"It has been another good and strong renewal for the Club, marked by continued controlled growth for the fourth year in succession whilst maintaining a resolute approach to underwriting," said Hugo Wynn-Williams, chief executive of Thomas Miller P&I, the UK P&I Club's managers. "We are delighted by the interest shown in the Club, which was reflected by the 6.1m gt of new business which came into the Club during this renewal.

"The Club maintains its commitment to quality and declined to quote on over 2m gt of new business from more than 20 owners and charterers."