Technical Feature - P&I Clubs: UK Club Strengthens Its Financial Position
Source: Asia Insurance Review | Jan 2009
The UK Club’s initiative in 2008 of raising US$100 million in hybrid capital – so as to provide a long-term financial bedrock in its reserves and prepare for the demand for higher levels of solvency by regulators – created a buzz in the P&I community. In this article, Mr Nick Whitear, Marketing Director of Thomas Miller P&I Ltd, the London agents of the UK P&I Club’s Bermudan management, shares more about this hybrid capital move as well as their views on the current claims environment and the UK Club’s strategies in Asia and elsewhere.
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