Dear All,
GARD
Club advises in its attached circular that members with an acceptable loss record would be provided with a renewal offer between 5-7% increase in their P&I rates in order for a balanced underwriting result to be achieved. However the board has again agreed to provide a 5% discount on the agreed ETC (estimated total call) for 2023.
Although FDD at Gard is a fixed premium product and will be assessed separately, Gard advises there will in general be a need to increase premiums similar to that of P&I. The 5% discount though is only applicable on mutual P&I entries. Any adjustments, whether up or down, on the International Group’s reinsurance rates will be passed on to Members.
AMERICAN CLUB
In their attached renewal circular Club advises a 30% supplementary call to be charged for 2020/21 P&I and FDD. Regarding 2023 renewals, Club advises no general increase to be set but at least a 10% rise of expiring rates are necessary. Any adjustments, whether up or down, on the International Group’s reinsurance rates will be passed on to Members.
SKULD
In their attached renewal circular, Skuld advises that a 10% increase in mutual premiums will be necessary. Any adjustments, whether up or down, on the International Group’s reinsurance rates will be passed on to Members.
BRITANNIA
In their attached renewal circular, Skuld advises that a 10% increase in mutual premiums will be necessary. Any adjustments, whether up or down, on the International Group’s reinsurance rates will be passed on to Members.
Please find below our comparison table for P&I and FDD.
