Strong Member backing secures another positive renewal for West
West is pleased to announce a successful 2025 renewal across all business lines, with premium increases exceeding the objectives set by the Board.
For the third consecutive year, Member retention was over 99.5% and the Club is encouraged to report continued support from existing Members, with strong organic growth at renewal, and throughout the 2024/25 Policy Year.
Several new Members were also welcomed to West on 20th February 2025, as we continue our selective approach to new business across all regions and sectors of the market. The result of this means the total mutual tonnage of the Club will increase again to approximately 110 million GT, up from 100 million GT 12 months ago.
The Fixed and Charterers books have also developed positively in the last 12 months, with high retention in both classes reflecting the Club’s ongoing commitment to service across all departments.
The broader reach West now enjoys is already benefitting the Club’s membership. We have seen controlled growth both from existing Members and non-entered fleets in our Hull, Loss of Hire, and Delay classes, with each product contributing positively to the overall technical performance of the Club. Additionally, the acquisition of Nordic, announced in January 2025, marks further progress towards the diversification strategy of the business.
Simon Parrott, Joint Chief Underwriting Officer, commented:
“I am pleased that we have achieved another successful result, which will further strengthen the Club’s capital base, ensuring that West remains well-positioned for the future. I would like to express my sincere thanks to the membership for their continued loyalty and support, and I am also delighted to welcome several new Members to the Club. Service and Member support across all our business lines is a primary objective, and we continue to strengthen our global teams to meet these demands.”
Bart Mertens, Joint Chief Underwriting Officer, added:
“I am delighted with the outcome of my first renewal at West having been able to witness the successful and hard work of the team whilst still very much familiarising myself with all aspects of the Club.
“I am grateful to our Members, partners, and Underwriting Team for their trust and collaboration throughout the process. In a challenging market, we have prioritised stability while this renewal reaffirms our commitment to financial resilience and tailored insurance solutions that support the needs of the shipping industry.”
Tom Bowsher, Group CEO, concluded:
“Despite the change in the claims environment, the Club remains well positioned to continue to meet the Board’s objectives of strengthening the Club’s capital, which positions us well to retain and grow our book across all business lines. I am encouraged by the renewal result and the ongoing support of our Membership, and I would like to thank my colleagues across our offices for their hard work and commitment which is reflected in the high service standards we continue to provide globally.
“It has been a positive year for West with our recent acquisition of Nordic, being the first of the International Group Clubs to have a presence in the United Arab Emirates, to strengthening our teams globally including welcoming Bart as Simon’s successor as Global Chief Underwriting Officer of the Club. The Club is looking forward to another successful Policy year ahead.”