Eagle Ocean Marine, (EOM), the American Club’s facility providing fixed premium protection and indemnity (P&I) and freight, has celebrated 10 years of service to the maritime community.
Following a decade EOM’s milestone of operations ended on a high, having enjoyed steady growth and solid profitability over recent years. The company’s eleventh year has started off well, with the successful renewal of its reinsurance arrangements, supported by the continuing commitment of first-class security at Lloyd’s and elsewhere, a reflection of EOM’s excellent track record and the sustainability of its business model.
Over coming months, EOM’s gross premium income since inception is projected to surpass $100 million, with revenue over the last three years in particular having seen a compound annual growth rate of approximately 17%. Total premium earned for the most recent year of account is expected to be about $17.6 million, compared with just over $15 million for the immediately preceding twelve months.
As EOM continues to gain traction throughout the world as a gold-standard insurer in a changing fixed premium P&I landscape, there are grounds for optimism that its market footprint will continue to expand. Moreover, notwithstanding chronic rating softness in the marine liability insurance sector, EOM has had success in obtaining sustainable levels of pricing for the cover it provides, a token of the respect with which the quality of its service is viewed within the industry.
Joe Hughes, Chairman and CEO of Eagle Ocean Agencies, Inc., said, “My colleagues and I take great pleasure in celebrating the first ten years of EOM service to the maritime community.
“The steady growth of EOM’s market footprint and premium revenue, coupled with its continuingly profitable contribution to the American Club’s mutuality, are testament to its prudent approach to risk selection and premium pricing, as well as the respect of the market for the quality of its services. In an uncertain landscape, EOM remains the gold standard for fixed premium P&I insurance.”