Premium revenues rose nearly 4% to $825 million, against a combined $796 million at the time of the merger a year ago. Mutual poolable tonnage climbed to 256 million gross tons as of February 20th, prompting joint Managing Director, Jeremy Gross, to comment: “The growth in NorthStandard’s tonnage and revenues confirmed that post-merger additions from new and existing members outweighed the effect of the collaborative rebalancing of tonnage from one or two large members.”
His joint Managing Director colleague, Paul Jennings, added that with the challenges to free and open seas now a feature of mainstream news reporting, the 12 months since NorthStandard’s formal launch had only amplified the critical role that stability in the P&I system plays in world trade.
Meanwhile, at the UK P&I Club, the departure of some underperforming tonnage failed to dent the Club’s total, which rose by about two million gross tons over the year. The Club’s portfolio has been boosted by newbuilding commitments from both new and existing members.
William Beveridge, Chief Underwriting Officer, said: “We are pleased with the success of the 2024 renewal, especially in the context of the Club’s progression and positioning for future results. Our concerted focus on member quality creates a strong platform for future success … The Club’s focus on quality has led to the loss of some renewing tonnage, particularly in the under-performing charterers’ liability sector.”
Norway’s Gard has added seven million gross tons over the last 12 months and has noted a ‘strong and stable’ renewals seasons. The Club, rated A+ with a stable outlook by Standard & Poors, recorded gross written premium of $1.036 billion. More than 10 million gross tons of newbuildings have been committed by members, prompting Chief Underwriting Officer, Bjørner Andresen, to declare that “Gard continues to be the preferred insurance partner for a growing part of the world fleet”.
Compatriot Club, Skuld, has also reported strong growth, with gross tonnage up by 11% to a record 116 million. The Club also reported growth in other business streams including hull and machinery, charterers, energy, and freight, demurrage, and defence.
Ståle Hansen, Skuld president and CEO, commented: “The successful renewal of our P&I policies, which aligns with all our growth targets, showcases our unwavering commitment to delivering comprehensive, reliable, and effective insurance solutions to our clients … We are deeply grateful for the loyalty our members have shown us and look forward to working closely with our members, brokers, and clients to identify and mitigate potential risks, ensuring swift and fair claims settlements in the future.”
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