P&I renewal round: The winners and losers

This episode of the Lloyd’s List Podcast is brought to you by Veson. Find out more at www.veson.com/decarb-guide

The 2024/2025 P&I policy year came to a close as it always does on the stroke of midday on February 20, marking the culmination of the annual ritual known as the renewal round.

The hard deadline is the date by which 85% to 90% of the world fleet must seal its maritime liability insurance cover for the coming 12 months.

Admittedly, it wasn’t an earth-shattering experience. NorthStandard managing director Jeremy Grose even characterised it to me as – in his words - a low-excitement renewal.

A number of clubs have proudly proclaimed health growth in entered tonnage, well in excess of the growth in the world fleet.

Mathematically, that means there must be losers among the 12 affiliates that make up the International Group of P&I Clubs. But no-one has publicly admitted any shrinkage yet.

There were few dramatic moves between clubs, at least that we know of. If anybody emerged as the winner, it was Norway’s Skuld, which picked up business from some big name owners, including SK Shipping, CMA CGM and Oldendorff.

There were also suggestions that two British clubs came under a bit of pressure, which may be reflected when they eventually unveil their underwriting positions.

But it seems a good time to take stock of what is going on in the sector.

David is joined on this week’s episode by: Thomas Nordberg, chief executive, The Swedish Club Julian South, managing director, Wilson Europe Sachin Bhojani, associate director, S&P Global Ratings