During the Annual General Meeting held on 27th May 2022, the Club’s Directors approved North’s financial statements for the financial year that ended on 20th February 2022. The club remains financially strong and has reported a premium growth of 5.6%…
Small craft P&I insurer, Carina, acquired by MECO at the end of 2018, is being rebranded to Aurora, effective July 1st 2022. At this time Munich Re Group will become the underwriters of Aurora, with MECO Group operating as managers…
The scourge of piracy in the Gulf of Guinea (GoG) and along the West African coastline is well known. Until last week, pirates who kidnapped vessels and crew for ransom would likely have been charged with terrorism offences by the…
A return of state insurance in Russia looks likely as a result of new EU rules on the insurance of Russian oil cargoes. Dmitry Medvedev, deputy chairman of the Russian security council, said on June 6th that “this problem can…
Shippers of Russian crude have been resorting to unusual methods to move cargoes over longer distances to new customers, reports Bloomberg. The most recent example was a ship-to-ship transfer in the middle of the Atlantic Ocean. Aframax tanker Zhen I…
The likely insurance ban that both the UK and the European Union are looking to put on any tankers carrying Russian oil anywhere in the world is expected to create a huge further shake-up in tanker fortunes. The insurance ban…
The tanker market is bound to face another round of shifts in trade flows, with EU’s seaborne imports of Russian oil, effectively banned henceforth. The increased ton-mile demand though, could prove to be beneficial for many tanker owners. In its…
A Code of Practice between the International Group of P&I Clubs and IUMI has recently been agreed in relation to future casualty situations that may give rise to the need for third party salvage services. #1 In the event of…
With reference to the UK Russia (Sanctions) (EU Exit) Regulations, the UK Government published a General Trade Licence on 17 March 2022 to clarify whether insurers and reinsurers domiciled or operating from the United Kingdom are lawfully able to provide…
UK Cub has said that at the end of the 2021-22 policy year its financial position remained strong, with free reserves of $488m on February 20th 2022. The Club noted that it "continues to comfortably meet all its regulatory capital…
