Insights

Norwegian Hull Club has announced a proposed 8 % return on premium (USD 14.1 million) in its Annual Report 2023 published today, March 22, 2024. This proposal will be presented to the Committee and finally decided at the Annual General Meeting, to be held on June 11, 2024.

Norwegian Hull Club is pleased to convey that the company’s rating with S&P Global Ratings (S&P) remains unchanged at ‘A’ with a stable outlook, after the ratings company revised its criteria for analysing insurers’ risk-based capital.

Given the increase in piracy incidents we are witnessing, Norwegian Hull Club is increasing its focus accordingly. For this newsletter, The Club requested that its strategic partner Crisis24 - one of the world's leading integrated security risk management experts – share recent case studies, along with recommended actions based on best practice and experience.

The G7 price cap coalition has published an update on the application of the price cap rules. The rules will take effect on 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU) (see footnote 2).

Ole Jørgen Eikanger, Norwegian Hull Club’s Chief Business Development Officer (CBDO) and CEO of its fully owned subsidiary Instech Solutions, will dedicate 100 per cent of his time to the software house from February 1, 2024 as it develops an ambitious new core system.

In this Casualty Information newsletter, we would like to draw attention to taking measures to best ensure vessel integrity, stressing the importance of awareness and proper maintenance.