A world-leading shipping insurance specialist based on the Tyne has seen a 17% increase in its income.
North P&I Club - which has its headquarters on the Newcastle Quayside with offices in Australasia, China, Greece, Ireland, Japan, Singapore and USA - saw its income for 2020/21 increase by £42m to £287m. The company employs around 300 people in Newcastle and another 100 worldwide.
The historic firm, which can trace its history back to 1860, reported year-on-year premium growth in its hull and machinery, fixed premium and aquaculture businesses.
The launch of a new insurance product line aimed at ocean going vessels saw the business continue to diversify its portfolio and it saw a strong investment return of 6.67%, its highest rate for a number of years.
As well as increasing its income and investment return, North’s overall owned and chartered tonnage – the measure of ocean-going vessels insured – grew to 248m gross tonnes.
Paul Jennings, chief executive of North, said: “Against the global background of Covid-19, I take enormous pride in the way our company has met the challenges of 2020 and delivered on its commitment to offer both member and client support and financial stability.
“Despite the unprecedented circumstances, we’ve continued to diversify our product lines and maintained our outstanding support to shipowner members as they navigate the impact of the pandemic.
“From providing much-needed services and digital tools, to assisting several international maritime charities in the support of seafarer wellbeing; our shipowner members’ needs have always been front and centre of our business.
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“On a personal note, I’m incredibly proud of our team here in the North East, and our colleagues across the globe, who have all had to adapt to a new way of working.
“Despite the lack of face-to-face contact with colleagues and members, we have continued to provide outstanding service and strengthened our position as one of the leading marine insurers in the world.”
North P&I is a leading global marine insurer and a leading member of the International Group of P&I Clubs, which provide liability cover for around 90% of the world’s ships by tonnage. Through its Sunderland Marine brand, it also provides cover for fishing vessels and small craft.
The Club’s free reserves – cash reserves available to cover claims – have also increased by £4m to £317m.
Though the organisation said that the ongoing impact of the coronavirus pandemic on the global economy remained uncertain, it said it was “well positioned” to benefit from a return to normality.