Hanseatic Underwriters pleased with P&I and FD&D Renewals on 20th February
Reviewing the 20th February renewal season Hanseatic Underwriters reports a 10% growth of written premium albeit a truly challenging market environment.
Hanseatic’s ongoing approach to provide clients with best possible support in respect of their daily insurance issues was well regarded once again. On that score the Underwriters achieved a 94% retention rate for renewing business. In comparison to the 2016 season the number of new accounts increased by 48 and thus 421 new vessels were added to the fleet insured with Hanseatic P&I.
The fixed premium P&I market still shows soft pricing brought about by both increasing competition and the ongoing economic pressure endured by ship owners and operators worldwide. The tough negotiations for renewal and new business were thus as much about service, reputation and security as purely price-driven.
Nevertheless Hanseatic succeeded again to successfully strengthen its position in both its domestic market as well as internationally. A proof that the combination of management ‘Made in Germany’ and highly professional claims handling expertise together with globally recognised London market security make a unique and winning blend in this market sector.
The Team of Hanseatic Underwriters is grateful for the extended confidence and look forward to seeing a large number of clients and partners during worldwide travels. Guests are likewise always warmly welcome to visit the office in Hamburg.
Thomas Miller Specialty GmbH
as Manager of Hanseatic Underwriters