Press Releases
06 Oct, 2021
West Fixed’s fleet grows to nearly 1,200 vessels after recording 38% YOY growth
London, 06 October 2021 – West Fixed, the fixed premium division of the West of England P&I Club, has today announced that its total fixed premium tonnage under management has surpassed 1.6 million GT. West Fixed has added more than 400,000 GT to its books for 2021, representing 38% growth since 2020 and reflecting its increasing brand recognition across this market.
- West Fixed now has more than 1.6 million GT and nearly 1,200 vessels entered
- Has recently seen strong growth in Europe as well as high renewal retention rates in key markets South America and Asia, growing from 15 countries in 2018 to 48 in 2021.
- Fixed premium growth is due to West’s ability to offer a high quality, stable product in a volatile and evolving fixed premium market, meeting the demands of small vessel owners for greater cost certainty and enhanced ability to accurately forecast OPEX.
Damian Mustard, Senior Underwriter at West P&I, said, “This is a reflection of the continuing journey for West Fixed and validation of the quality-first approach we take to fixed premium cover. We now provide tailor-made cover for nearly 1200 vessels from more than 250 shipowners in 48 countries, and they are attracted to West Fixed because of our financial strength and outstanding service as well as our ability to leverage West’s other product lines to provide them with a bespoke cover package tailored to their precise needs.”
Small ships and inland craft of up to 10,000 GT - which typically includes tugs, barges, dredgers, Ro-Ros, fishing boats, and offshore units for oil or renewables operations - often have unique requirements that may not always be best served by traditional mutual products.
West Fixed was established to recognise these evolving needs while being able to offer cost certainty and comprehensive support. The ability for West Fixed to provide innovative insurance solutions and support to its assureds resulted in significant growth in key South American and Asian markets, and has now seen further expansion in Europe.
West Fixed’s clients are provided with full claims support in an increasingly litigious operating environment, as well as being able to access the Club’s specialist in-house Loss Prevention department, which works with them to offer a full information and advisory service to help reduce their operational risks. West Fixed clients are also able to access West’s worldwide network of correspondents and experts. The ability to offer Club letters of undertaking for the rapid release of a vessel under arrest is another advantage of West Fixed being backed by a major P&I Club.
Tom Davies, Underwriter at West Fixed, said “Following the consolidation of fixed premium providers over the past few years we believe the West Fixed product offers a long term and stable partner to brokers and shipowners who are looking for a fixed premium solution to their P&I requirements. The cover on offer and the service level provided by the Club on underwriting, loss prevention and claims handling sets us apart. We believe we have a market-leading product and the new business growth and retention of current business is evidence of this.”
