American Club's 4.5% general increase

The American Club is to seek a 4.5% general increase at the February renewal of protection and indemnity cover.
4.5% increase applies to mutual and fixed premium cover as well as to freight, demurrage and defence insurance.
The American Club, the smallest of the International Group P&I mutuals, reports that as of the end of September its contingency fund had reached $87.4m.
The American Club’s top manager, Joe Hughes, said  “The 2014 policy year is developing as expected, claims are emerging more favourably than the previous year at the same stage of development, core tonnage is growing respectably and investment returns are adding to the club’s financial strength,”
The American Club’s general increase is the fourth largest among the 10 International Group P&I clubs to have so far declared their strategy for the 20 February renewal. The UK Club is seeking the highest rate rise at 6.5%, the Standard 5% and the North of England 4.75%. The Gard, Britannia and West of England clubs have all set a 2.5% general increase, Steamship Mutual and the Shipowners’ are offering renewal on expiry terms while Skuld has abandoned the practice of declaring general increases.