2014 Policy Year
Traditionally P&I providers report on how successful, or otherwise, they were capturing or renewing business on 20th February, a key date in the P&I calendar.
This was Lodestar’s second “renewal” (having opened our doors for business in September 2012) and the first whereby our business had been defended. In this respect we were delighted with an 88% retention level in what was one of the most competitive markets in recent history.
Much value has been placed against the work ethic and experience of the Lodestar Team and without doubt, this was a defining factor in retaining such a high level of business. Indeed the retention level would have been even better but for the fact that for some of our Assureds, price proved more important than service, understandable given the tough market conditions in which ship owners continue to operate. To those who left, we wish you well and remind you that the door remains open should you wish to re-engage us at some point in the future. To those who stayed, we thank you for your continued support.
From a new business perspective we welcomed 82 new Assured operating 335 vessels of various types.
We now work with 126 brokers on a global basis and we also pass our thanks to you for recommending Lodestar to your clients.
As we move through the remainder of the 2014 policy year we will keep you up to speed with our development and hope to see a number of you during our regular travels. Needless to say a warm welcome awaits any of you who find yourselves in London.