Underwriting report

 By Alistair Mactavish, Chief Underwriting Officer & Chief Operating Officer

We were pleased to welcome close to 400 new members in the 2024 policy year (the period 1st June 2024 - 31st May 2025), bringing an additional US$3.25m in annual premium. The vast majority of these members came to us via insurance brokers. This is also true for the entire ITIC membership. We are extremely grateful for the continued support that insurance brokers, from all over the world, continue to show to ITIC. Any individual insurance broker is welcome to spend time in ITIC’s office to learn about our risk appetite and underwriting systems.

As has been reported in the Chair’s statement, the continuity credit structure this year provides those members that renew for a two year period with a 45% credit in the first year, along with a guaranteed minimum credit of 30% in the second year. The 45% credit is the second highest that has ever been given.

In February 2025 ITIC Europe celebrated its first full year of operations. ITIC Europe, which is based in Limassol, Cyprus, underwrites all ITIC EEA business, with policies that were previously underwritten by UK P&I Club N.V. being transferred to it following a portfolio transfer which took place on 1st December 2024. ITIC Europe accounts for approximately 33% of the overall membership. You can read a detailed update from the ITIC Europe team on page 13.

In the first four months of the current year ITIC has welcomed more that 125 new members, paying a total annual premium of US$850,000. ITIC offers worldwide cover, subject to sanctions, has no restrictions on capacity and is very much open for business. The underwriting team will consider a wide range of miscellaneous risks from the transport, aviation, offshore and energy industries requiring professional indemnity insurance. This is of course in addition to the more traditional risks that ITIC is known for, namely ship agents, ship brokers, ship managers, naval architects and marine surveyors.