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American Club finances bounce back in attack on deficit years.
(From Lloyds List)
Byline: Supplementary premium calls announced earlier this year are only one factor in robust earnings growth', writes James Brewer
AMERICAN P'I Club is making up lost financial ground even beyond the money due from the surprise supplementary premium calls it announced for shipowner members recently.
The club's annual report for 2003, just published, has shown that what it termed robust earnings growth is contributing to funds.
The entire P'I sector has been watching the New York club keenly since it announced shock extra calls in the middle of this year, following a deteriorating claims account for 2002 and continuing dollar weakness.
The demands, set at 40%, 35% and 30% of advance calls for the 2000, 2001 and 2002 policy years, are aimed at wiping out deficits in open years and boost the solvency margin, which is subjected to tough New York insurance regulations.
Club chairman Paul Sa, managing director of Standard Shipping, said: 'The decisive action recently taken by the board to strengthen the club's balance sheet is vindicated by the figures disclosed in the report and accounts.
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