The West of England's fixed premium protection and indemnity insurance business has increased to more than 1,000 ships.
The London-based P&I mutual said that its fixed premium business had grown by 38% since 2020.
Operating under the brand West Fixed, the West of England said the business had become an established name in the fixed premium market.
The fixed premium P&I business mostly involves insurance cover for small and specialised ships.
Insurance rates are determined purely on a commercial basis, and an assessment of risk, and is not affected by the considerations of mutuality of the mainstream P&I business.
West of England started in the fixed premium market in 2014 but increased its marketing activity since 2018, when a dedicated underwriting team was established under senior underwriter Damian Mustard.
West of England chief executive Tom Bowsher also stepped up the emphasis on fixed premium business after launching a business plan that aims to broaden the mutual's income streams.
Bowsher also brought the West of England into cyber cover through buying into Astaara and into the delay insurance market via acquisition of a stake in Nordic Marine Insurance.
The West of England said it had added 400,000 gt in fixed premium tonnage this year alone, bringing its current fixed premium book at an overall 1,200 vessels amounting to 1.6m gt.
West Fixed now describes itself as a "leading market player" established in Asia, Europe and South America.
Key advantage
A key advantage for the P&I Clubs is that they can leverage the established loss prevention and claims handling capability of the mutual business to support the fixed premium business.
The West of England is not the only P&I mutual targeting the fixed premium market. Shipowners' Club is the recognised leader in the field, while North P&I Club, the American Club, London P&I Club and the UK P&I Club, through manager Thomas Miller, are also seeking to grow in the sector.
Marine insurance broker Tysers said that the P&I clubs are making significant advances into fixed premium business.
"North's fixed premium business offering is just two years old and is showing good growth, with the support of the services of North P&I. West and London Club also continue to be excellent choices for those seeking fixed premium P&I supported by a mutual club," Tysers said.
