West Fixed, the fixed premium division of the West of England P&I Club, has announced that its total fixed premium tonnage under management has surpassed 1.6 million GT. West Fixed has added more than 400,000 GT to its books for 2021, representing 38% growth since 2020 and reflecting its increasing brand recognition across this market.
West Fixed’s offering was first established in 2014 but received greater impetus when it established a dedicated underwriting team in 2018. Led by Damian Mustard and now expanded to a team of five, West Fixed has grown significantly to become a leading market player in those three years.
Damian Mustard, Senior Underwriter at West P&I, said, “This is a reflection of the continuing journey for West Fixed and validation of the quality-first approach we take to fixed premium cover. We now provide tailor-made cover for nearly 1200 vessels from more than 250 shipowners in 48 countries, and they are attracted to West Fixed because of our financial strength and outstanding service as well as our ability to leverage West’s other product lines to provide them with a bespoke cover package tailored to their precise needs.”
Small ships and inland craft of up to 10,000 GT – which typically includes tugs, barges, dredgers, Ro-Ros, fishing boats, and offshore units for oil or renewables operations – often have unique requirements that may not always be best served by traditional mutual products.
West Fixed was established to recognise these evolving needs while being able to offer cost certainty and comprehensive support. The ability for West Fixed to provide innovative insurance solutions and support to its assureds resulted in significant growth in key South American and Asian markets, and has now seen further expansion in Europe.
West Fixed’s clients are provided with full claims support in an increasingly litigious operating environment, as well as being able to access the Club’s specialist in-house Loss Prevention department, which works with them to offer a full information and advisory service to help reduce their operational risks. West Fixed clients are also able to access West’s worldwide network of correspondents and experts. The ability to offer Club letters of undertaking for the rapid release of a vessel under arrest is another advantage of West Fixed being backed by a major P&I Club.
Tom Davies, Underwriter at West Fixed, said “Following the consolidation of fixed premium providers over the past few years we believe the West Fixed product offers a long term and stable partner to brokers and shipowners who are looking for a fixed premium solution to their P&I requirements.”