- Two major casualties had an impact on North P&I Club’s underwriting figures for the policy year ending February 20, the club said.
- However, the period also saw the launch of new products, member retention at 99% and more tonnage insured than ever before.
- North also received an “A” financial strength rating for the 15th consecutive year.
- The Grande America was a cargo vessel that caught fire and sank in March 2019. The Golden Ray, another cargo ship, capsized in September.
- The claims were among the largest ever handled by North – and, at potentially more than $400 million, the Golden Ray claim could be among the largest in International Group history.
A recently published article in the Insurance Business elaborates on how rising claims based on greater market share and weak pricing pointed towards an underlying combined ratio for North of 108% . It is 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%,” North said.
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Source: Insurance Business