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Financial Management

Month: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
  • July 2014

    Brazilian insurance market grows 29%: Moody's 25 July 2014

    Since the opening of the reinsurance market to competition in 2008 the Brazilian market has grown at a cumulative real growth rate of 29%.

  • Mapfre reports 95.7% H1 combined ratio 25 July 2014

    Mapfre’s pre-tax profits and minority interests were at a record high for the first half of 2014 with revenue similar to the prior year half.

  • The regulators are still trying to define which reinsurers are systemic 25 July 2014

    Denis Kessler was in London in late June for the International Insurance Society 50th Annual Seminar. Reactions caught up with him to ask about his views on the current state of the market. Peter Birks reports.

  • Allied World posts profitable Q2 24 July 2014

    Allied World has posted profitable second quarter results, with a net income of $151m, compared to a net loss of $1.9m last year.

  • Aspen reports Q2 after tax net income of over $130m 24 July 2014

    Aspen has reported a profitable second quarter net income of $130m; $1.82 diluted net income per share.

  • FDI hike in India takes another step forward 24 July 2014

    India’s parliament is to vote on a new bill that seeks to raise the level of foreign direct investment (FDI) in the Indian insurance market to 49%.

  • IAG expects FY14 result boost 24 July 2014

    IAG is expecting better 2014 results than previously predicted with natural peril claims to cost about $555m instead of the previously expected $640m.

  • Lancashire profit dips in line with expectations 24 July 2014

    Bermuda's Lancashire reported a lower net gain for H1, with prices down by an average of 7% year on year

  • Turkey’s Halkbank considers selling insurance units 24 July 2014

    Turkey’s state-owned bank is reportedly considering selling two insurance units as part of its longer term strategy to exit insurance.

  • H1 net income down at Ace 23 July 2014

    Switzerland-domiciled, NY-listed Ace has booked a decline in first half profits

  • Phoenix Group refinances to single debt facility 23 July 2014

    The move comes as the group looks to simplify and strengthen its balance sheet with the aim of achieving an investment grade rating in future.

  • Stable outlook for Tugu Re: Fitch 23 July 2014

    Ratings agency Fitch has affirmed its stable outlook for Indonesia's PT Tugu Reasuransi Indonesia's (Tugu Re).

  • Vienna Insurance opposes Hypo investment 23 July 2014

    Vienna insurance’s chief executive reportedly opposes new Austrian laws for investors and taxpayers to bail-in Hypo bank, saying it is “ultimately a cold-blooded expropriation”.

  • When will the soft market cut into reinsurer ratings? 23 July 2014

    All the signs are that reinsurance pricing will keep falling. Garry Booth writes on the run-up to the Monte Carlo Rendez-vous

  • International trio form EMEA reinsurer 22 July 2014

    The Moroccan Agricultural Mutual Insurance (Mamda) is aligning itself with the French company La Centrale de Reassurance Mutual (MCR) and Bermuda-based Partner Re to launch the venture.

  • TransRe invests in new Florida P&C co. 22 July 2014

    TransRe, Federated National Holding Company and CA Bancorp are investing in a new Florida property and casualty insurance company.

  • Travelers Q2 net income drops to $683m 22 July 2014

    Travelers has seen its net income for 2014’s second drop to $683m with a combined ratio of 93.4%.

  • Platinum Re H1 down on lower premium income 21 July 2014

    Bermuda-based Platinum Re has reported net income of $99.1m for H1 2014, down from $136.4m in H1 2013.

  • Expect consolidation in Malaysian insurance: Fitch 18 July 2014

    We can expect to see more consolidation in the Malaysian insurance market following 2013 changes in regulation, according to Fitch Ratings.

  • RSA facing fine for Irish accounting scandal 18 July 2014

    Group chief executive Stephen Hester has said: “There will be some sort of Irish regulatory action in the summer. I don’t expect the fine will be a headline-making one.”

  • Nationale Suisse, China Re P&C partner 17 July 2014

    Nationale Suisse and China Re P&C are partnering to offer solutions to China’s fine art, engineering and marine sectors.

  • Private equity firm sells stake in Continental Reinsurance 17 July 2014

    The private equity firm first invested $25.8m in the insurer in 2007 for a 30% stake to help increase its underwriting capacity to $80m from $15m, Emerging Capital Partners, said on its website.

  • Starr completes Chinese aquisition 17 July 2014

    Hank Greenberg's Starr Insurance has completed the aquisition of Chinese insurer Dazhong Insurance Company.

  • Advisors: Aspen investors should reject Endurance proposal 16 July 2014

    Proxy advisors Glass, Lewis & Co told investors: “Endurance has failed to make a compelling case for Aspen shareholders to support the proposed authorizations"

  • AIR releases single platform Touchstone v2.0 16 July 2014

    The new version includes the ability to account for both catastrophe and non-catastrophe risk in a single platform, providing a more comprehensive view of risk.

  • Hamilton Re enters into agreement with Iron-Starr 16 July 2014

    Bermudan reinsurer Hamilton Re has entered into an agreement with Iron-Starr Excess Agency, the managing general agency that underwrites on behalf of Ironshore and Starr.

  • Zurich to be world's largest green bond investor 16 July 2014

    Swiss insurer Zurich has announced that it is to double its investment in green bonds making it the world's largest green bond investor.

  • Norway’s Gjensidige Q2 profits rise 62% 15 July 2014

    Gjensidige has reported a record high in pre-tax profits with a 62% year on year jump in its second quarter profits with few large losses.

  • HUW secures stop loss reinsurance for 2014 14 July 2014

    The firm has entered a stop loss reinsurance agreement with Hampden Insurance PCC (Guernsey) Limited - Cell 7 ("Cell 7"), a special purpose vehicle, which has reinsured the risk on a back-to-back basis with another international reinsurer.

  • Nationale Suisse merger has positive implications: AM Best 14 July 2014

    Nationale Suisse and Helvetia's merger, announced on July 7, has prompted AM Best to put National Suisse's rating under review with positive implications

  • Quindell shares soar 14 July 2014

    UK-based Quindell saw its share price soar today after releasing an upbeat trading statement.

  • UAE insurance premiums increase by 12.2% in 2013 14 July 2014

    Written premiums of all types in the UAE have increased to AED29.5bn ($8bn) in 2013; a 12.2% rise from 2012

  • BTG Pactual buys Ariel Re from Global Atlantic 11 July 2014

    BTG Pactual is acquiring Ariel Re from Global Atlantic, but Ariel Re will continue to operate under its brand and through its Lloyd’s syndicate.

  • Charman slams Aspen 'smokescreen' ahead of vote 11 July 2014

    Aspen’s board has issued a third rejection of Endurance's hostile takeover bid as it urges shareholders to disregard Endurance’s white authorisation card.

  • Infrassure goes into runoff 11 July 2014

    Swiss insurer Infrassure has halted sale talks and placed itself into run-off after writing to the Swiss insurance regulator confirming it will stop underwriting new business.

  • Tower Group to vote on merger 11 July 2014

    The shareholders of Tower Group are to vote on a proposed merger with ACP Re.

  • Aviva IE says 'no jobs lost' in cost cutting drive 10 July 2014

    Speaking to investors, Aviva bosses stressed there would be no personnel cuts at its operations in Dublin, Cork or Galway, where it employs some 1,100 people.

  • CNP reaches deal with Santander 10 July 2014

    French insurer CNP Assurances has reached a deal with Spanish bank Santander to purchase a stake in its consumer finance unit.

  • Admiral issues trading update 09 July 2014

    Admiral has issued a trading update ahead of the August 13 release of its H1 numbers. Chief executive Henry Engelhardt said that UK motor rates had stopped falling, but that there was not yet any sign of an inflection point

  • Aviva will double cash flow by the end of 2016 09 July 2014

    The insurer said in a statement it would also look at reducing its operating expense ratio to below 50% over the same period.

  • HUW acquires Lloyd's LLV 09 July 2014

    HUW said the 2014 underwriting capacity of Dumasco is £1.5m compared with HUW's 2014 capacity of £21.3m prior to this acquisition

  • Kinesis raises $50m in midyear draw 09 July 2014

    Lancashire's collateralised reinsurance arm Kinesis has executed its midyear draw, raising an additional $50m

  • Double digit rate drops at 1/7 renewals: Guy Carp 08 July 2014

    According to a new Guy Carpenter report, loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources

  • Economic expansion to boost Bolivia P&C, life 08 July 2014

    Bolivia’s annuities market outlook is negative, as low interest rates and a lack of capital adequacy drag down insurers, Moody’s reported.

  • Fidelity and Guaranty upgraded 08 July 2014

    Moody's has upgraded the senior unsecured debt rating of Fidelity & Guaranty Life Holdings Inc, formerly Harbinger F&G

  • Amlin to buy 75% of LCP 07 July 2014

    Amlin has agreed in principle to increase its stake in Leadenhall Capital Partners to 75%, from the current 40%.

  • Delek sells controlling stake in Phoneix insurance 07 July 2014

    The non-binding agreement with the Kushner Group is subject to completion of due diligence and receipt of regulatory approval, said the Israeli insurer

  • Helvetia to buy Nationale Suisse 07 July 2014

    Swiss insurers Helvetia and Nationale Suisse are to combine in a CHF1.8bn deal that will create the country's third-largest composite insurer

  • Record cat bond issuance in Q2: Willis 07 July 2014

    The report noted that the record issuance was driven by two of the largest ever catastrophe bond transactions; Everglades Re 2014, a $1.5bn bond for Florida Citizens and two Sanders Re 2014 takedowns totalling $950m in new capacity for Allstate

  • Randall & Quilter buys Accredited Surety 04 July 2014

    Randall & Quilter has acquired Accredited Surety, a bail bond and surety specialist for $25m, expanding Randall & Quilter's live platform.

  • Xchanging buys Agencyport & Total Objects 04 July 2014

    Xchanging has announced two acquisitions, Agencyport Europe and Total Objects, in two days, in deals valued at £85.1m in total.

  • AIG would divest units to avoid rescue 03 July 2014

    AIG has said that it would divest units and halt policy sales to avoid taking a bailout in a future financial crisis

  • Itau in final talks to sell insurance unit 03 July 2014

    Brazilian Itau Unibanco has reportedly signed an exclusive contract to hold talks with potential buyer of its high-risk corporate insurance unit, rumoured to be Ace.

  • NN Group shares rise 7% on IPO debut 03 July 2014

    The insurance arm of Dutch financial services firm ING Group debuted at €20 per share and is expected to gross the firm around €1.5bn

  • Swett & Crawford expands into LatAm 03 July 2014

    The new growth strategy was announced earlier this month by CGSC group chief executive officer, Toby Esser, during a visit to Brazil where he met with some of the country’s leading insurance brokers

  • Swiss Re buys RSA's China unit for £71m 03 July 2014

    The Zurich-based insurer's purchase of Sun Alliance Insurance (China) will enable Swiss Re to offer corporate insurance directly from mainland China

  • Aquila underwriting premium rises to $65m in 2013 02 July 2014

    Aquila saw a rise in turnover in 2013 to £5m from £3.1m in 2012; underwriting premium was up to $65m

  • France’s CNP in talks with Santander 02 July 2014

    French insurer CNP Assurance has confirmed it is in talks with Santander over purchasing its Irish insurance unit

  • Hannover Re transfers named storm risk to capital markets 02 July 2014

    Reinsurer Hannover Re has transferred named US storm risk to the capital markets through a transaction involving the Texas Windstorm Insurance Association (TWIA)

  • ILS leaders ponder Florida models' accuracy 02 July 2014

    ILS thought leaders at a Guernsey-organised panel held Wednesday in Zurich pondered whether the models on Florida natcat risk truly represented the potential loss, but they still felt that the sector was profitably priced

  • ING begins NN Group share trading 02 July 2014

    NN Group shares started trading this morning in what could be Europe’s largest stock floatation in 2014 as parent-company ING pushes to pay off its 2008 bailout.

  • ING insurance arm to list for €20 per share 02 July 2014

    The IPO price, which was in the middle of an initial range of €18.50-€22.50 per share and will result in approximately €1.5bn in gross proceeds, said the firm in a statement

  • Sirius syndicate 1945 gets own managing agency 01 July 2014

    White Mountains Group subsidiary Sirius has launched its own managing agency for syndicate 1945, three years after the syndicate's launch with turnkey operation Whittington.

  • June 2014

    Endurance continues words battle with Aspen 30 June 2014

    Endurance has sent another letter to Aspen shareholders, indicating what Endurance claimed was a fundamental choice between the two company's approaches.

  • HUW raises capital through reinsurance 30 June 2014

    Helios Underwriting (HUW) has entered into a number of reinsurance arrangements to raise potential investment capital.

  • Ironshore increases Lexon stake 27 June 2014

    Ironshore has increased its stake in Lexon Surety Group; the option to buy was part of the agreement when the company first invested in Lexon in 2013.

  • Polish insurer issues bonds to fund takeover 27 June 2014

    Poland's largest insurer PZU has issued €500m ($680m) of five year bonds to assist in the financing of an acquisition.

  • RSA India sale talks 27 June 2014

    UK-based RSA Insurance is reported to be in talks with India's Sundaram Finance on the sale of RSA's 26% stake in Royal Sundaram, the JV insurer set up by the two companies in 2000.

  • Talanx looks abroad 27 June 2014

    Germany-based insurance holding group Talanx is looking to generate half of its retail insurance GWP from foreign markets, CEO Herbert Haas told investors in Poland at Capital Markets Day

  • Demand for British actuaries on the rise says OAC 26 June 2014

    British actuaries are in hot demand says the OAC, as their skills are being sought worldwide to help companies deal with complex capital-based regulation; number of ERM actuaries increased 284% between 2012 and 2013.

  • Moody's warns GCC insurers of investment risks 26 June 2014

    A new Moody’s reports says Gulf Cooperation Council (GCC) insurers are not protected fully by current regulatory frameworks, which “do not fully reflect the risk posed by material investments in high-risk assets.”

  • Alleghany’s TransRe increases Pillar ownership stake 25 June 2014

    The executive management of Pillar Capital Holdings and reinsurer TransRe have each increased their ownership in the company to 50% giving them a combined ownership figure of 100%.

  • HCI plans to buy Prepared Insurance 24 June 2014

    Florida-based HCI has announced a letter of intent to buy locally based Prepared Insurance

  • IIS: 'Don't get desperate' says Kessler 24 June 2014

    Speaking on a panel at the International Insurance Society (IIS) conference in London, Axis Capital chief executive officer, Albert Benchimol, said: “Everyone knows we are a cyclical market. I think there are more opportunities for smaller companies in soft market, not just in terms of size but in importance as well."

  • IIS: Investors need to 'accept volatility' 24 June 2014

    IIS conference audience agreed that alternative capital in cat reinsurance will grow from 15% of capital to around 25% over the next three to five years

  • Marsh McLennan to buy Alexander Forbes stake 24 June 2014

    Marsh & McLennan will buy a 34% stake in South African broker Alexander Forbes when the latter relists next month

  • Poor start for AA on stockmarket 24 June 2014

    UK-based motoring to insurance organisation AA suffered a decline in its share price on the opening day of trading

  • S&P raises Berkshire Hathaway outlook to stable 24 June 2014

    Ratings agency Standard & Poor’s (S&P) has upgraded its outlook for Warren Buffett’s Berkshire Hathaway to stable from negative.

  • AM Best revises outlook of China’s ADIC 23 June 2014

    Ratings agency AM Best has revised its outlook for Chinese insurer Aloi Nissay from stable to negative

  • CEDA calls for Australian national risk register 23 June 2014

    The Committee for the Economic Development of Australia (CEDA) said in a new report that the national register could include risk management strategies for the public and private sector, taking into account the probability and consequence of adverse events

  • Fitch predicts profitable 2015 for US P&C insurers 23 June 2014

    Ratings agency Fitch predicts in its statutory results and industry forecast that another good year may be ahead for the US property/casualty market.

  • Marsh Ltd probes Alexander Forbes purchase 23 June 2014

    Alexander Forbes may sell part of the business to another company and list some shares on the Johannesburg Stock Exchange, according to new sources

  • Q2 M&A hits highest point in 2 years 23 June 2014

    New research shows Europe has so far completed 34 deals worth more than $100m, but Asia-Pacific deals whilst continuing to trend upwards, are below European levels for the first time in a year

  • Scor to combine Cologne and Zurich hubs 23 June 2014

    Scor is to combine is Cologne and Zurich hubs, reducing the number of hub network centres to five.

  • Validus to buy Western World in $690m deal 23 June 2014

    Bermuda's Validus Holdings has added US specialty lines player Western World to its roster for $690m with the deal expected to close during the penultimate quarter of 2014.

  • GSIIs might have exit route 20 June 2014

    Insurers deigned to be GSIIs might be able to get off the list, says BaFin insurance head.

  • IAG Wesfarmers deal gains regulatory approval 20 June 2014

    Federal government treasury approval comes off the back of approvals from the Australian Competition and Consumer Commission and New Zealand regulators earlier in the year

  • Euler Hermes makes trade credit deal 19 June 2014

    Trade credit insurer Euler Hermes is partnering with global smartphone supplier Huawei to cover trade receivables.

  • Generali could be near to Swiss bank sale 19 June 2014

    Italian insurer Generali is reported to be close to concluding the sale of its Swiss private bank subsidiary, for up to €1.6bn.

  • New Aon product cuts ILS time in half 19 June 2014

    A new offering from Aon promises to cut the time it takes to get hold of third-party backed catastrophe cover by half.

  • PRA to consult on policy prioritisation 19 June 2014

    The UK's Prudential Regulation Authority is to hold a consultation with the insurance sector on whether some insurance policies should take priority in the event of an insurer's bankruptcy.

  • Berkshire signs reinsurance deal with VHI 18 June 2014

    Ireland's health insurer VHI has signed a four-year reinsurance agreement with Berkshire Hathaway

  • Endurance sends note to Aspen shareholders 18 June 2014

    Endurance chairman and chief executive has sent a letter to his fellow Aspen shareholders in a bid to gain support for his company's attempted takeover of Bermudian rival Aspen.

  • EQC increases reinsurance protection against quake 18 June 2014

    New Zealand's Earthquake Commission (EQC) has taken advantage of softening reinsurance rates, increasing its level of protection against another NZ quake.

  • Ironshore to file on the NYSE 18 June 2014

    Bermudian insurer Ironshore has filed papers with the SEC to raise $100m through an initial public offering (IPO) on the New York Stock Exchange.

  • Qatar Re links with Pioneer 18 June 2014

    Qatar Re will support Pioneer Underwriting's Lloyd's ISN 1980 through a strategic quota share arrangement.

  • Airmic 2014: CEO tells buyers to "rethink" process 17 June 2014

    Airmic chairman John Hurrell urged insurers and buyers to bring forward the renewals process by 60 days to ensure policies are properly worded and understood and documentation delivered before the term start date

  • Alleghany's TransRe launches new Pangaea sidecar 17 June 2014

    Reinsurer TransRe has launched its latest fully collateralised reinsurance side car Pangaea Reinsurance IX Ltd.

  • Battle for Aspen intensifies 17 June 2014

    The war of words between the boards of Aspen and its potential acquirer Endurance has intensified after Aspen unanimously rejected the latest exchange offer from its want-to-be purchaser.

  • Deflation unlikely: XL CEO 17 June 2014

    Deflation more likely to be prevented than macroeconomic trends, Mike McGavick, XL Group’s CEO said at the UK’s Airmic Forum Debate this morning.

  • KBC updates strategy 17 June 2014

    KBC releases strategy update

  • RSA reportedly in Asia sale talks 17 June 2014

    UK-based RSA Insurance is said to be preparing the sale of its Asian insurance operations in a deal that could raise $500m

  • Deflation unlikely: XL CEO 16 June 2014

    Deflation more likely to be prevented than macroeconomic trends, Mike McGavick, XL Group’s CEO said at the UK’s Airmic Forum Debate this morning.

  • AIG commits $1.5bn to lending venture 12 June 2014

    AIG has committed $1.5bn to Varagon Capital Partners, the companies said in a statement. The venture will be led by chief executive officer Walter Owens

  • Charman slams Aspen 'smokescreen' ahead of vote 11 June 2014

    Aspen’s board has issued a third rejection of Endurance's hostile takeover bid as it urges shareholders to disregard Endurance’s white authorisation card.

  • Quindell shares drop 27.1% 11 June 2014

    The firm saw its share prices sink by more than a quarter this morning following the announcement it had failed to graduate from the London Stock Exchange’s (LSE) junior market.

  • Axa may buy Brazil insurance assets 10 June 2014

    Axa is thought to be considering purchasing Itau Unibanco’s insurance assets as it looks to invest outside of the US and Europe to escape low interest rates.

  • RMS opens Singapore office 10 June 2014

    RMS has opened a Singapore office with an initial focus on Singaporean clients. The office will be led by RMS’ Paul Burgess.

  • AA set for £1.4bn float and sale 09 June 2014

    AA and Acromas, which currently owns 100% of the issued share capital of the AA, have received binding commitments of over £930m from the cornerstone investors to acquire shares

  • ASR can bid for SNS Reaal 09 June 2014

    ASR Nederland, the old Fortis Insurance Netherlands, will be allowed to bid for the insurance business of SNS Reaal, even though both are technically state-owned.

  • JLT Capital Markets closes Oak Leaf Re deal 09 June 2014

    The fourth Oak Leaf Re catastrophe bond has been closed providing an unnamed cedant with $44.035m worth of protection against its portfolio of Florida-based business.

  • AM Best praises Chevron's risk management 06 June 2014

    Oil giant Chevron has been praised for its attitude towards risk management with AM Best, which pointed to the close ties it has to its two captives as one factor in the insurance vehicles holding such strong ratings.

  • McGavick: Underwriter judgement remains key 06 June 2014

    The chief executive of XL Group has insisted the judgement of individual underwriters when it comes to writing re/insurance business remains key, despite the increasing prevalence of data and analytics in the market.

  • ING to launch insurance arm IPO 05 June 2014

    The financial services firm aims to cut its stake by more than 50% by the close of 2015 and could sell the remaining shares in NN Group before December 2016.

  • BP Marsh eyes H2 London investment 04 June 2014

    The firm, which has stakes in brokers including Hyperion, Besso and Sterling, saw pre-tax profit fall to £0.2m for 2013, up from £0.06m the previous year.

  • Industry must focus on quality: S&P CEO panel 04 June 2014

    Offering quality products is key to surviving in the current property and casualty landscape with the hunt for diversification something of a red herring if it is not done correctly.

  • US primary rates to continue upwards 04 June 2014

    The chairman and chief executive of CNA believes further rate rises can be achieved in the US primary market with some classes such as workers' compensation and commerical auto achieving greater hikes.

  • XL completes life arm sale to GreyCastle 04 June 2014

    The final transaction includes the execution of the reinsurance arrangements with XLLR covering the substantial portion of XL’s life reinsurance reserves via 100% quota share reinsurance

  • Aspen rejects new Endurance bid 03 June 2014

    Aspen has turned down Endurance's revised offer, claiming that in substance it is little different from the first offer

  • Bermuda ratings unmoved by sovereign downgrade: Fitch 03 June 2014

    Bermuda’s sovereign downgrade will not impact its insurers and reinsurers, some being rated four notches higher than Bermuda itself.

  • NN Group shares rise 7% on IPO debut 03 June 2014

    The insurance arm of Dutch financial services firm ING Group debuted at €20 per share and is expected to gross the firm around €1.5bn

  • Swiss Re buys RSA's china unit for £71m 03 June 2014

    The Zurich-based insurer purchase of Sun Alliance Insurance (China) will enable Swiss Re to offer corporate insurance directly from mainland China

  • Allied World opens Sydney office 02 June 2014

    Allied World has opened a Sydney branch as it targets the Asia Pacific region and will soon be recruiting staff.

  • AM Best upgrades Maiden outlook 02 June 2014

    AM Best has revised its ratings for the property/casualty subsidiaries of Maiden holdings; rating agency has upgraded its outlook to "positive" from "stable".

  • Endurance hikes Aspen bid 02 June 2014

    Endurance has raised its bid for Aspen to $49.50 a share. Aspen has rejected it. Endurance takes battle to shareholders

  • Mapfre ratings boosted by S&P 02 June 2014

    Mapfre Re and Mapfre Global Risks ratings have been boosted by S&P so that they are now three notches above the Kingdom of Spain.

  • State Auto completes PGIA purchase 02 June 2014

    State Auto has completed its acquisition of PGIA – a specialist in excess and surplus lines general liability and excess liability insurance.

23 July 2014

In this week's issue:
UK insurance rules to change
Rammasun slams into southern China 
McCafferty named Flood Re boss
Mixed year for P&I clubs 

View issue

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