West reports successful 2025 renewal backed by strong member support

West P&I, a global insurance provider for the maritime and offshore industries, has reported a successful 2025 renewal across all business lines, with premium increases surpassing the Board’s objectives.

For the third consecutive year, Member retention exceeded 99.5%, reflecting strong support from existing Members and steady organic growth both at renewal and throughout the 2024/25 Policy Year.

On 20th February 2025, several new Members joined West, increasing the Club’s total mutual tonnage to approximately 110 million GT, up from 100 million GT 12 months ago.

The Fixed and Charterers books also saw positive development over the past year, with high retention in both classes highlighting the Club’s continued commitment to service across all departments.

West’s expanded reach is already benefiting its membership, with controlled growth in Hull, Loss of Hire, and Delay classes. Each product has contributed positively to the Club’s overall technical performance.

Additionally, the acquisition of Nordic, announced in January 2025, marks another step in the Club’s diversification strategy.

Simon Parrott, Joint Chief Underwriting Officer at West P&I, 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 at West P&I, 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 at West P&I, 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.”

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