Renewal Press Release
Strike Club celebrates 98% renewal rate in 2018
Signed up $3m of new bus in past quarter / total for year is $6m
The Shipowners’ Mutual Strike Insurance Association Europe (The Strike Club) has renewed over 98% of its members for the 2018/2019 policy year and welcomed new members to the Club. It has signed up almost $3m of new business in the final quarter of the year, creating a total of nearly $6m of new business through 2017.
The Club’s mutual delay insurance protects members from marine trade delays outside their control and covers the daily operating costs of ships held up by strikes, port closures, collisions, breakdowns and other unexpected delays.
Over 98% of members have renewed with the Club and a number of new owners have joined from the Nordics, across Europe and in Asian markets, expanding the reach of the Club globally.
The Club has also grown the product range with new covers including delay from cyber-risks, off-spec bunker delays as well as wider and more flexible cover for shipboard risks.
For clarity and simplicity, the Club plans to adopt the call terminology used by many other mutuals, such as P&I clubs, from the commencement of the 2018/19 policy year. Premiums will be quoted and debited on an Estimated Total Premium (ETP) basis at inception which will provide greater certainty to its members.
Will Robinson, Managing Director, The Strike Club said: “We are delighted that so many members have renewed their delay cover and significant new members have joined The Strike Club this year. As a mutual, our objective is to keep premiums as low as possible for members, whilst offering the best cover in the market in combination with excellent service and financial stability.
“We have grown our range of products to help our members protect their revenue and control their costs. We continue to shape the market for marine delay insurance and currently the Club has approximately 165 members and over 3000 ships on risk. We are very pleased that we have added new members and additional ships at renewal. Our mutual delay cover provides valuable peace of mind to ship-owners and charterers and is an important element of the risk management arrangements for more operators.”
Strike Club cover renews on 1 February.
For further information, please contact:
Mike Lord, Group Communications Director +44 7831 401 311
Charles Taylor plc email@example.com
Vanessa Chance/Sally Walton +44 207 382 4740
Redleaf Polhill firstname.lastname@example.org
Notes to Editors
About The Strike Club www.thestrikeclub.com
The Strike Club is a marine mutual insurance group that is fully owned by its members. It is the only dedicated mutual insurer covering the running costs of vessels delayed by strikes, shore delays, collisions, groundings and other incidents outside an owner's or charterer's control. In addition to mutual delay cover, it also offers war and loss of earnings cover on a fixed premium basis. The Strike Club is managed by Charles Taylor, a leading provider of professional services to clients across the global insurance market.