TSC Triton no 1-2013 - The Swedish Club

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THE SWEDISH CLUB TRITON 1-2013Club information | News from Piraeus18FEBRUARY1921 22 23 24FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY25FEBRUARThe magical date has passedWe have once again passed 20 February, the magicaldate for P&I insurance. These renewals have been more difficultthan renewals in recent years. The reason for this is that wehave a convergence of the worst shipping market since the late70s and early 80s, affecting shipowners and a large number ofhuge claims affecting insurers. P&I results for all of the clubsin the International Group (IG) have been hit by major claimsover the past few years which have had an impact not onlyon retentions but also on the IG Pool, which we share withthe other P&I clubs, as well as the Excess of Loss reinsuranceprogramme that we also share with the other IG clubs. The increasesof premiums of the Excess of Loss programme seem tohave come as a bit of a shock to many owners.We feel that we have talked about the impact of the majorclaims with our members and what impact they would have onreinsurance, but it seems as though there were many that hadnot braced themselves for the impact. Historically, Excess ofLoss reinsurance increases or reductions are very small with avery limited impact on overall premiums, so the big increasefor this year was a bit of a shock to many owners. Given the factthat any increase in the cost of insurance is bad news for owners,the combination of General Increases, although modest,combined with major Excess of Loss increases was really badnews.The International Group clubs have had to pay for a numberof high profile and extremely costly claims incurred by itsmembers over the past few years. Due to the fact that shippinghas been suffering quite a lot since 2008/2009, most clubs havetried to keep premiums to a minimum. Major claims coupledwith relatively low premiums and a lot of new tonnage flowingin at low premiums, has led to quite a few IG clubs feelingthe impact and having to substantially raise their GeneralIncreases.The Swedish Club has not been spared from these P&Ieffects. We do however try to spare our members as much as wecan from increases as we need to look after their best interestswhile looking after our own best interests.This will be my last letter from Greece as I will be movingback to Sweden soon. I have really enjoyed and cherished myfour years in Greece. It is a wonderful country with the best climatein the world, mountains and seasides that are extraordinarilybeautiful, food that is to die for and wonderful hospitality.Unfortunately the economic woes have severely impactedthe country and its people during my years here and I hope mydeparture coincides with a turnaround for the Greek peopleand their businesses.Hans Filipsson will take over from me and will be startingin early April. Hans has been an acquaintance of mine for thepast 20 years, after he married one of my former colleagues’best friends, and in the past six month I have got to know himbetter. I think he will take over where I left off and that therewill be a seamless transition between the two of us. You willnot notice much of a difference as Hans is perfectly capable forthe role of General Manager of The Swedish Club in Greece.Best of luck Hans!The members of the Club in Greece include some of our longeststanding members and they, together with the rest of themembership, have always showed great support to us and I willmiss you all. The staff in the office are incredible and their commitmentto the Club, to me, and its members is second to none.Leaving Greece feels a bit like leaving my family but I am surethat I will continue to be involved in the Greek business goingforward and that I will still be around and even come to seeyou all from time to him. So thanks a lot for all your supportand see you soon!Tord NilssonGeneral Manager/Area ManagerTeam Piraeus30
THE SWEDISH CLUB TRITON 1-2013Club Information | News from AsiaYPhoto: iStockphotoTime to focus on future progressP&I renewal for 2013/14 is over. Thanks to our members’support we did well in Asia. We managed to achieve the renewaltarget on premium increase and we came out of the renewalwith a slight increase in both number of entered ships and grosstonnage. In addition we received over half a million gross tonsof committed new tonnage over the year. We renewed all theexisting charterers’ P&I insurance contracts, and added threenew accounts. Given all the circumstances, in particular thebad freight market, we should be happy with the outcome.When renewal is over it is time to focus on future progress.When members renew insurance contracts with the Club it isup to us to keep our promise to our members and provide goodservice in return. This of course is a continued effort.Last year we lost two senior staff member from our HongKong office. We filled in these vacancies by employing twoqualified solicitors from well-known shipping firms in HongKong; and we also boosted our resources in marketing andbusiness development. We will be adding more staff at our officeover the course of the year. We will soon have 15 people atour Hong Kong office with a very wide spectrum of expertise,lawyers, master mariners, and marine engineers. Adequateresources provide an important foundation for efficient, effectiveand quality services. We are aiming to build up one of thestrongest teams among our peers in Hong Kong and providebetter service to our members.I would like to take this opportunity of informing you thatwe will be holding a Marine Insurance Seminar in the autumnthis year in close proximity to Hong Kong. We have done thisfour times, once every three years. It proves to be a popularevent. Many of our members in Asia send representatives to attendand we look forward to seeing you this autumn.Ruizong WangManaging Director/Area ManagerTeam Asia31
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TSC Triton no 1-2013 - The Swedish Club

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