United Kingdom
P&I Portal

North of England

North of England P&I Association Limited
The Quayside, Newcastle Upon Tyne, NE1 3DU, UK
nepia.com t +44 (0)191 232 5221

2017 report overview

  • The club reported a combined ratio of 96% for the 16/17 PY
  • Free reserves stand at USD 431 million
  • The Board decided to return 5% of premium on the 2016 policy year
  • Investment return of 2.8%
  • The club reported an increase in their pension scheme deficits of USD 30 million

Click here for the North Group 2017 Review

Aon’s comment

The club’s underwriting results were nothing short of spectacular and whilst there has been some reduction in tonnage, the club’s financial position has improved. The integration of Sunderland Marine is nearing conclusion and the club can look back on a very successful year.

Free Reserves against premium income are at 87.61%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
3,400 3,500 3,500
Total owned entered GT
2016 2015 2014
130,537,722 126,141,253 130,801,946
Total chartered GT
2016 2015 2014
54,000,000 40,000,000 49,000,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 489,000 526,000
Excess Calls 0 0
Reinsurance Premiums -128,800 -155,400
Total Income 368,900 379,000
Expenditure Net claims incurred -196,000 -329,500
Net operating expenses -85,500 -77,800
Total expenditure -281,500 -407,300
Underwriting result pre investment/other financial income and tax 87,400 -28,300
Investment/other financial income -14,600 30,700
Tax/interest charged -700 -1,700
Movement in pension scheme deficit 18,200 -23,100
Gain on acquisition of SMI 0 48,300
Overall result 90,300 25,900
Free reserves 428,400 338,100

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Dec-15
Rating A A
Outlook Stable Stable
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 7.5 20.0 17.5 5.0 3.0 5.0 15.0 7.5 2.5 0.0
Supplementary Call Record % 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/-5 0/0

Release Call Percentage - as at May 2017

2014 2015 2016 2017
0% 0% 0% 20%