News 21 Feb, 2022 West successfully executes highly targeted renewal strategy London, UK, 21 February 2022 – The West of England P&I Club has successfully achieved a targeted renewal strategy intended to counter the challenges posed by the consistent underrating in the P&I market and the growth of unpredictable major claims, all now set against a weak investment market. Download PDF • Since 2019 the West has regularly noted that the P&I market is underrated, that premiums need to better reflect risks, and that the West will address persistently underperforming entries where required. • In Q3 2021 the West announced a continuation of its strategy to address these challenges, and it has successfully executed that plan at this renewal. • The West's long-term strategy has strengthened the Club’s capital and solvency, and provides continuing stability and certainty that its Members need. West's renewal strategy was announced in Q3 2021 having been endorsed by its shipowner board. The Club has successfully executed that strategy at this renewal by rationalising its Membership through not offering renewal terms to those Members with consistently underperforming records and being selective in underwriting new business. Accordingly, by being deliberately leaner, the Club is now even better positioned to address the continued challenges over the coming years. Although attritional claims remain stable, the magnitude of the largest claims in the industry which engage the IG Pool are persistently higher. The last two years have also seen the additional impact of claims related to the pandemic. Investment markets are also challenging as inflation increases, with most Clubs’ investment strategies heavily weighted to bonds and therefore particularly impacted. As a consequence, Clubs will need to become far more reliant on underwriting performance. The West has also been clear that tonnage within our industry as a whole has been underrated for several years. Whilst the m