TYNESIDE-based North P&I Club, one of the world’s leading maritime insurers, has increased its total entered tonnage to over 230 million gross tonnes, further strengthening its position as a leading member of the International Group of P&I Clubs.
Tonnage refers to the internal volume of ships, with the breaking of the 230 million GT barrier representing a milestone for North in regards to its number of registered ships.
North, celebrating the 160th anniversary of its foundation in Newcastle upon Tyne, also saw owned P&I tonnage reach 160 million GT. Owned tonnage represents the tonnage owned by the shipping company itself, rather than on hire from an owner.
Paul Jennings, North’s Chief Executive, said “Our 2020 renewal strategy focussed on the need to build the Club’s financial strength and stability in a climate of rising claims and continuing premium erosion. The breaking of the 230 million gross tonnes barrier represents North’s position as a market leader in maritime insurance.”
Thya Kathiravel, North’s Chief Underwriting Officer said, “This is testament to the ongoing support of our international membership, and we would like to thank our Members for their continued commitment to the Club, which is reflective of their trust in our ability to help them trade with confidence.”
2019/20 has seen North P&I Club continue to move forward as a truly diversified Group with multiple products and premium income streams delivered through Sunderland Marine.
Paul Jennings said, “Through the Sunderland Marine offerings of Commercial Hull & Liability and Aquaculture together with our new Fixed Premium facility, operating from our newly opened London office, we have seen significant premium growth during the past 12 months, which together with the premium increases for the mutual membership represents solid strategic progress for North.”