2016 Policy Year
Whilst it’s been known for a long time how depressed the shipping market is, its severity was fully realized at this February renewal, the difficult market conditions resulting in a small number of our clients opting for cheaper alternatives. We wish them well for the future and hope that our paths cross again.
On a brighter note our ambition to diversify by vessel type reaped rewards and we increased our overall portfolio adding 21 new assured and 113 vessels, assisted by the ability to offer $1billion limit and our appetite for larger vessels up to 40,000 gross tons. We also successfully wrote a number of construction and offshore vessels, enhancing our reputation as the “go to” insurer for this type of tonnage in the fixed premium market.
We’d like to thank RSA for their flexible approach to this renewal, the broking community for their support and our clients who continue to show faith in the Lodestar way of doing business. We look forward to working with you all throughout the course of the year and hope to see a number of you on our travels. As always our door remains open to anyone visiting London.