Eagle Ocean Marine (EOM), the smaller-ship, fixed-premium P&I facility backed by the American Club in conjunction with underwriters in the Lloyd’s market, has made strong progress into its fourth year of service to the maritime community.
Underwriting results have been very favourable recently, as EOM continues to expand its international spread of business, notably with ship owners from Asia and Europe.
Some 64% of the tonnage covered by the facility comes from Greater China and Southeast Asia, with Europe and the Middle East accounting for a further 11%.
The remainder of the EOM portfolio is highly diversified, with tonnage from Central and South America figuring significantly in the mix.
EOM is now able to offer cover of up to $500 million per vessel, per claim (up from $100 million). This increase in limit is intended to add to EOM’s appeal in the specialist fixed-premium market, complementing the American Club’s strong position in the mutual arena.
Speaking in New York, Joe Hughes, Chairman and CEO of Eagle Ocean Agencies, managers of EOM, said: “We are delighted with Eagle Ocean Marine’s recent progress and the strong footprint it has gained within the fixed- premium sector. In particular, we are pleased to be able to offer cover of up to $500 million going forward, and are certain this will lead to further growth in EOM’s market share.
“With this recent increase in the limit, combined with the delivery of a gold standard service, Eagle Ocean Marine looks forward to continuing success over the months and years ahead. EOM’s mission is to supply the exceptional ethos and skill sets of an International Group mutual to those who prefer a fixed-premium approach to their P&I needs.”