UK insurer Shipowners' Club has added to its board by recruiting executives from the reinsurance and shipping sectors.
Peter Sydenham retired from Swiss Re in the summer, while Jan Vermeij is chief operating officer of Chile's Ultranav.
They will become directors in November.
The leading mutual protection and indemnity club for the smaller and specialist vessel sector agreed the appointments at a board meeting on 4 September.
Sydenham brings with him over 40 years of insurance and reinsurance experience, having recently been managing director and leader of special lines at reinsurer Swiss Re.
Vermeij is also executive director of Ultratug, part of the wider Ultranav group.
Ultranav has 308 owned and chartered-in ships, including tankers, bulkers, LPG carriers and offshore support vessels.
The appointments will bring the number of directors at Shipowners' Club to 15, drawn largely from a cross-section of club membership in terms of vessel sector and geography.
Wide skill set
Chairman Phil Orme said: "I am delighted at the breadth of skills that both Peter and Jan bring to the club which will undoubtedly be of significant benefit to its mutual membership.
"The board and the club management look forward to working with Peter and Jan to deliver the club's strategic objectives for the future".
In April, the club reported a healthy increase in free reserves and membership in its 2019 earnings’ report.
Capital and free reserves had increased to $340m last year, compared to $304m in 2018.
The increase in free reserves was thanks mostly to a healthy investment return of $48.8m.
The Shipowners’ Club also increased its membership from 7,444 ships in 2018 to 7,886 at the end of 2019.
However, in pure underwriting terms, the Shipowners’ Club operated at a loss. Its combined ratio was 105.1%, which indicates claims and expenses exceeded premium income.
The total underwriting deficit in 2019 was $10.3m.
The club's focus on the sector for smaller and specialised vessels brings it into competition with fixed premium marine insurers.
