Club confidently delivering on strategy to strengthen and diversify in face of challenging 2019-20 claims year.
Two major casualties put a dent in North P&I Club’s underwriting figures for policy year ending 20 February 2020, but the period also saw the launch of new products as part of its continuing diversification, Member retention maintained at 99% and more tonnage insured than ever before. North’s 15th consecutive year of ‘A’ financial strength rating, supported by AAA capital, was also reconfirmed by leading independent analysts, S&P Global.
Rising claims based on greater market share and weak pricing pointed towards an underlying combined ratio for North of 108% – closely aligned with International Group of P&I Clubs counterparts – but North’s exposure on the Grande America and Golden Ray casualties helped push the figure to 125.8%. The claims are amongst the largest ever handled by North and, at potentially over US$400 million, Golden Ray could be among the biggest in IG history.