American Club reports "good start into 2019"
The American Club made solid progress in many areas in 2018 and started 2019 on an encouraging note. Tonnage growth in 2018 was similar to that of the previous year. P&I entries increased by about 8% and those for FD&D by approximately 6%. While year-on-year premium had decreased slightly, renewing business had continued to enjoy a benign risk profile.
At the recent 2019 renewal, P&I tonnage grew by 10% and FD&D entries were up 7%. Encouragingly, premium rose in both classes of business, by 4% and 2% respectively, while the trailing five-year gross loss ratio on renewing business improved yet again to 46%. Net premium income for the 2018 financial year was USD 73.4 million, 1% lower than that recorded for 2017.
Incurred losses increased from USD 36.3 million to USD 45.9 million, but nearly 70% of that rise was attributable to exposure to other International Group clubs’ Pool claims. (cd)