The West of England is pleased to confirm a successful renewal and thanks the Members for their continued support during the last 12 months. This is illustrated by the number of new attachments at renewal and committed business to be entered during the 2017/18 Policy Year.
- an increase of 7 million entered tons of mutual business which takes current tonnage to approximately 80 million tons, a year-on-year increase of 9%
- combined owned, mutual and fixed chartered tonnage now at more than 110 million tons
- overall gross premiums marginally down at renewal however, in accordance with normal practice reductions in the cost of the general excess loss reinsurance were passed automatically on to Members in full
- a further 5% of mutual owned tonnage committed to the Club for the 2017/18 Policy Year
The Club remains committed to providing excellent service and continuing the sustained operating performance of recent years with the recent rating upgrade by Standard & Poor's to ‘A-‘ reaffirming the Club's positive strategic direction and overall financial strength.
T J Bowsher
Head of Underwriting & Business Development