In what the Club has characterized as a ‘disciplined renewal’ West P&I retained 99% of its existing tonnage while gaining an additional 6m GT across the year.
Adjustments throughout the year together with restorative action at renewal saw the widespread erosion of FD&D premiums in recent years addressed, with an increase of 4.26% achieved on renewing tonnage. Continued and steady growth in the Club’s chartering and fixed books also contributed to a strengthened balance sheet.
These achievements have resulted in West’s total gross premiums across all its business lines exceeding US$300m for the first time in the Club’s history. Entered mutual tonnage stands at 96m GT.
Tom Bowsher, Group CEO, commented: “We are pleased to have concluded another successful renewal and especially one which has seen West achieve this important milestone in premium terms. We are extremely grateful to our Members for their continued support, which places the Club in a strong financial position going forward.
“Service remains our key focus however and we have continued to strengthen our teams globally to ensure we deliver the high-quality service our Members expect of West. This is further enhanced by the broad range of complementary products and services offered by our partners Nordic, Astaara and Qwest, all of which have likewise seen positive progress throughout the year.”
Source:
Hong Kong Maritime Hub
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