The UK P&I Club announced its renewal results for 2017, which included a year-on-year net increase of 3.5 million entered metric tons of mutual business takes mutual-owned tonnage to approximately 139 million metric tons, an increase of approximately 2.5 percent. Combined mutual-owned and chartered tonnage now stands at more than 239 million gross metric tons.
Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said, “This year’s renewal has been characterized both by the continuing loyalty of our members and robust negotiation, particularly where loss ratios required corrective action by the club. After renewal mutual tonnage was up slightly to 139 million gt, with an encouraging number of future commitments from existing members.”
The club's member retention rate was above 99 percent.
Overall premium measured February 20, 2016 to February 20, 2017 remains broadly stable, the club said.