Chair’s statement

Dear members,

I have the great honour and pleasure of writing this chair’s statement during what is ITIC’s centenary year.

Established in 1925 as the Chartered Shipbrokers Protection Association, ITIC has grown into the leading mutual insurer it is today, committed to delivering competitively priced specialist cover and risk management support across the maritime, aviation and transport sectors.

I am delighted to report that during the year ended 31st May 2025 (Club year “2024/25”), the ITIC group (ITIC and its EEA subsidiary ITIC Europe) combined with its mutual reinsurer Transport Intermediaries Mutual Insurance Association Limited (“TIMIA”), has again produced a strong surplus of US$29.3m after paying US$18.8m in continuity credit, an increase on the US$15.7m credit paid in the previous year.
The continuity credit paid to renewing members, now to be distributed for the 31st consecutive year, effectively reduces the cost of your insurance, and is one of the many significant benefits of being an insurance mutual.

Your board, at its meeting in March 2025, reviewed the level of ITIC’s free reserves, which are strong and significantly in excess of solvency requirements, and determined that for all renewals in the 2025/26 year, they would pay an enhanced continuity credit as follows:

• For one year policies, a credit of 35% of the premium;
• For two year policies, a credit of 45% for year one and at least 30% for year two; and
• Those in the second year of a policy, begun in 2024/25, will receive a credit of 45%, which was substantially more than the original 20% promised by the board at its meeting in March 2024.

This is the second highest level of credit ever awarded by the board and reflects ITIC’s commitment to distributing excess capital to its members. Indeed, since the continuity credit payments began, I am pleased to report that more than US$206m has been returned to you, the members.

The risk for all claims up to US$1.0m continues to be retained by ITIC, as well as an additional annual retention of US$2m in excess of the primary US$1.0m across the claims portfolio. We are also comfortable that the reinsurance in place reduces the risks of large claims to an acceptable level at a reasonable cost.

ITIC’s gross earned premium increased in 2024/25 by 5% and we continue to retain approximately 97% of members at renewal each year; an indication of how highly our members view the quality of service and cover given.

I am also pleased to advise that the combined free reserves of the ITIC group and TIMIA, were US$289.0m as at 31st May 2025.

Owing to the significant strength of our reserves, and in common with past years, the board has again also closed the preceding policy year; meaning that all years to the end of 2023/2024 are now closed. ITIC has NEVER requested additional premium for any policy year.

The insurance, claims, contractual advice and practical help that we provide to members, advisers, brokers and introducers around the world, through our expert and highly experienced team, continues to set us apart.

In December 2024, a portfolio transfer took place in respect of the assets and liabilities in relation to ITIC’s EEA members which had been underwritten under the previous reinsurance arrangement with UK P&I Club N.V. in Rotterdam. Upon completion of this transfer, all EEA members are now insured directly by ITIC Europe, our 100% owned subsidiary and serviced out of our office in Limassol, Cyprus. In September 2024, the boards of ITIC, ITIC Europe and TIMIA were delighted to hold their board meetings in Cyprus and to meet with local members and brokers.

I am also pleased to note the continued growth of ITIC’s share of the aviation professional indemnity insurance market, now supported by the recruitment to the management team of an additional aviation-dedicated underwriter. The board is fully committed to supporting aviation as a key area of focus and growth for ITIC in the future. Cover is provided to companies whose services include aircraft lease and operational management, continuous airworthiness management, charter broking, design and surveying / inspection services and regulatory authorities.

During 2024/25, across both the maritime and aviation industries, ITIC has again actively contributed to thought leadership events globally.

ITIC sits on the BIMCO drafting panel and has played a key role in the recent revisions to the BIMCO ship and crew management agreements, which included the drafting of the EU ETS clause. ITIC has also hosted ship management seminars globally: in Cyprus on crew management and FuelEU; in Singapore on FuelEU and in Hamburg on SHIPMAN 2024. ITIC is currently advising on the revision of the BIMCO Superman contract.

Other thought leadership events have included a panel discussion in London on the KYC process in shipping, and a workshop on debt collection for shipbrokers and ship agents in Athens at the FONASBA conference. ITIC has further collaborated with local shipbroker and ship agent associations. Events included, claims seminars for members of the Hellenic Shipbrokers’ Association in Athens, the Maltese Shipbrokers’ Association in Malta, and the Cyprus Shipping Association in Cyprus.

ITIC regularly writes risk management and loss prevention pieces for various publications such as Ship Management International, The Naval Architect (RINA) and Shipping Network (ICS).

In the aviation space, ITIC has had speaking slots at the Isle of Man Aviation Conference, the Malta Aviation Conference and Expo, Corporate Jet Investor Asia and the Paris Air show.

ITIC’s website contains a wealth of information including on-demand webinars, podcasts and templated standard trading conditions and contract wordings. There is also a dedicated section with updates about all of the latest sanctions.

ITIC reports fully to Solvency II standards and is regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Details of ITIC’s solvency position can be found in the Solvency and Financial Condition Report, which is available on the ITIC website.

ITIC’s centenary event was held in London, on 25th September 2025, and it was a pleasure to see so many of you in attendance. There will also be a dinner for founding members of ITIC, due to be held 100 years to the day after the Chartered Shipbrokers Protection Association was formed as an unincorporated association on 2nd December 1925.

As part of ITIC’s centenary celebrations, a new initiative has been launched: a year-long internship in collaboration with the London Nautical School. This programme provides one student with the opportunity to gain hands-on experience across the shipping industry by working with ITIC. By connecting the intern with a variety of member companies, ITIC seeks to showcase the wide range of career opportunities available in maritime services, including broking, agency, ship management, legal, insurance, and logistics.

Finally, I would like to thank the boards of ITIC, ITIC Europe and TIMIA, our managers Thomas Miller and their amazing and truly dedicated team who have again worked so hard to deliver an outstanding service, the brokers who we work with for their support and you, our members, who place trust in us as your dedicated specialist insurer for professional indemnity insurance.

But importantly, we must also call out and thank everyone who has been involved over the past 100 years, particularly previous board members and managers who have committed their time and efforts to creating and sustaining the platform that ITIC is today. The current team are custodians of a great organisation, inheriting a platform to steer and run, and dedicated to passing it on to others in a better state and with greater financial security and opportunity than when we became involved.

ITIC has never been stronger than it is today…every member should be filled with pride and Tom Irving, the management team, the board and I collectively look forward to celebrating with you our great past…and even greater future. Thank you.

The accounts and financial highlights for the 2024/25 year are available on the website. 

Jeff Woyda
ITIC Chair