Premium year on year rise of 7% with other adjustments adding additional 4% value

NEW YORK, March 4, 2025: The American Club has reported a strong renewal, achieving targets set by the Board for 2025. While gross tonnage for the Club’s Class I (mutual P&I) entries was virtually unchanged at the turn of the renewal at Noon GMT 20 February 2025, premium income increased by over 7% at the renewal. Its Class II (mutual FD&D) portfolio was renewed on a similar basis, while its Class III (charterers’ liability) business is poised to increase by about 5% in 2025.

Eagle Ocean Marine, the Club’s fixed premium facility, which serves the operators of smaller vessels in local and regional trades, carries an overall historical loss ratio of 68%. The 23/24 facility year is running below 40%, while the current 24/25 facility year is relatively benign but still in an active period of development as the facility year runs to July of each year.

The Club’s Board mandated target increase in expiring premium for the 2025/2026 policy year was met as the cash rise year on year on renewing business was 7%. Supporting the premium position were deductible and term changes calculated to have a value of another 4% against net premium, resulting in an overall increase of 11% on renewing premium.

Speaking in New York earlier today, Tom Hamilton, the Chief Underwriting Officer of SCB, Inc., the Managers of the American Club, said: “The 2025 renewal underscores the value Club members place on the high level of service provided by the Club, evidenced by a business retention rate of 94% during the renewal. The American Club’s focus remains on rate adequacy and sustainability particularly in response to the emergence of Pool claim activity during 2024. Importantly, the American Club commences the 2025 policy year in a solid position with premium income for P&I, FD&D and charterers’ liability classes, along with Eagle Ocean Marine, in excess of $130 million, and we are encouraged by the expectation for growth across all classes over the course of 2025/2026. We are grateful to our Members, new and existing, our producing brokers, our Board of Directors, and of course, to our executives throughout the world, all key to the Club’s continuing resilience.”

Nassau, Bahamas, March 4, 2025 – Nedra Woodside has consistently demonstrated her expertise in credit underwriting, portfolio management, and corporate banking for over 25 years.

Today, her mastery of complex financial structures and client relationships has propelled her to being named CIBC Caribbean’s new Director of Corporate Banking.

Starting her journey in entry-level positions, Nedra has consistently demonstrated an exceptional ability to rise through the ranks. In her most recent role as Associate Director of Credit Underwriting and Portfolio Management, Nedra led a team of managers and officers across The Bahamas and Turks and Caicos Islands, driving performance and operational efficiency.

In 2023 alone, Nedra not only exceeded her personal annual sales target by 28%, achieving $28.3 million, but also played a crucial role in helping the bank’s Bahamas unit surpass its overall sales target by reaching $136 million. Her latest promotion is a reflection of her dedication and the tangible impact she has had on CIBC Caribbean’s growth and success.

Nedra’s new director role will see her continuing to influence the strategic direction of corporate banking at CIBC Caribbean. She will drive innovation and growth and further cement the bank’s commitment to excellence as a regional powerhouse in the financial services industry.

Nedra’s accolades, including multiple FirstStars awards and CEO recognitions, underscore her exceptional leadership and commitment. Nedra’s promotion is not just a recognition of her stellar track record but also a reflection of her deep commitment to CIBC Caribbean clients and team.

Barbados, February 21, 2025 – In Barbados, during the 48th CARICOM Heads of Government Meeting, Prime Minister Philip Davis of The Bahamas signed a $200 million Framework Agreement with the African Export-Import Bank (Afreximbank). This landmark agreement is focused on developing climate-resilient and trade-enhancing infrastructure in The Bahamas, including vital projects in road construction, energy development, and other essential economic infrastructure.

The Framework Agreement sets out a structured approach for collaboration between The Bahamas and Afreximbank, leveraging the bank’s substantial expertise in project financing, advisory services, and development. Under this collaboration, a Joint Working Group comprising representatives from both parties will oversee the identification, planning, and implementation of strategic infrastructure projects. The agreement provides for the establishment of clear criteria and requirements for selecting projects, with both parties committing to transparent processes and accountability.

This latest agreement builds upon an already strong relationship between The Bahamas and Afreximbank.  Earlier this year, The Bahamas agreed to host the 31st Afreximbank Annual Meetings and the third AfriCaribbean Trade and Investment Forum in Nassau, events aimed at strengthening trade and investment ties between Africa and the Caribbean. These events highlight the shared histories and cultures between the regions, aiming to stimulate mutual economic growth.

These initiatives are specifically designed to bolster economic growth, facilitate trade, and generate employment opportunities across The Bahamas.

Prime Minister Davis emphasized that this agreement represents the government’s strong commitment to fostering economic development and improving the quality of life for all Bahamians. By investing in sustainable infrastructure, The Bahamas aims to build a stronger, more resilient economy and secure lasting prosperity for its citizens. This ongoing partnership with Afreximbank reflects a mutual commitment to shared growth and addressing common challenges through collaborative efforts.

(Photos/OPM)