West of England Reports Positive Renewals Result
The West of England has announced a positive renewal period with continued support being seen from new and existing Members and a modest increase in renewing premium.
Owned mutual tonnage has grown over the year to 90m GT including the addition of new Members at renewal and a further 1.5 million gross tons has already been committed to the Club for the forthcoming policy year.
Continued strong performance by the Club in key markets - including Europe and Asia - means that total entered tonnage is now forecast to grow to 132m GT during the 2019/2020 policy year and there was also a particularly positive renewal for its fixed premium offering. The Club’s operations have been further enhanced by newly-opened offices in Singapore and New York, which complement long-standing regional service centres in Hong Kong, Greece and London.
Tom Bowsher, West of England CEO, commented: “We have previously said that premiums in the industry are at unsustainable levels, so this was not a year for rapid tonnage growth. We were pleased to achieve our renewal objectives and to see continued confidence in the Club from new and existing Members.”
The 2019 policy year will be an exciting one for the Club, with a move in the Spring to a more efficient office space in the City of London. Members will also benefit from the positive impact of additional Loss Prevention and Underwriting resources together with expanded claims handling capabilities in its New York office.