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Shoreline Mutual takes the cautious approach

Shoreline Mutual continues to enjoy a excellent reputation for service to its members, an unblemished pollution record, good co-operation with regulatory authorities, and strong support from its reinsurance underwriters, its broking teams and its loyal members.

30 September 2004

'Shoreline's focus on quality ships owned by good owners and operated by cautious operators has allowed us to maintain required Shoreline Mutual takes the cautious approach reinsurance coverage for Shoreline's risks without significant added cost or risk to mutual members, In spite of substantial overall Increases in cost or risk in many insurance product lines."

The words are those of Shoreline Mutual (Bennuda) Ltd chairman Mark Filanowskl in the 2003 annual report, which revealed that Premiums written by Shoreline In 2003 amounted to $8,390,261 against $7,493,567 In 2002.

Net premium income reached $3,257,671 compared with $2,874,719 a year earlier.

Shoreline currently has 9.6m gt under management, representing 35% of the blue water Certificate of Financial Responsibility sector.

"Our market share has remained constant for some years now. This breakdown demonstrates our focus on quality," said Shoreline president Marilyn Feldman.

'We have seen a lot of the older tonnage being replaced with new buildings, with deliveries occurring on a weekly basis now.

"Our non-tankers have gone from an average age of 17 in 2000 to 13 in 2004 (1,744 vessels), and the tankers have decreased in age from 13 to 10 years old in the same period (733 vessels)."

Shoreline is arranging International Carrier Bonds on behalf of its members with the approved NAIC company Westchester Fire Insurance Company.

"However, the entry criteria is completely different from the USCG's, in that US Customs only require one bond per carrier and do not require details of the vessels or the owners.

"I can only assume at they work closely with local USCG personnel if it is necessary to police a particular vessel," said Ms Feldman.

The game plan is that Shoreline builds assets and remains strong in order to remain one of the major carriers of choice in the provision of certificates of financial responsibility.

Parent company International Advisory Services, through Shoreline Mutual Management (Bermuda) Ltd, which manages Shoreline Mutual, "is dedicated to providing the highest level of service to the company, its boards and the members and expects to have a continuing and fruitful relationship with the stakeholders," Ms Feldman said.

"We have no permit issues in relation to Shoreline Mutual Management (Bermuda) - all lAS staff responsible for the management of Shoreline are Bermudian. This is a result of training bright young Bermudians over the last few years to enable them to take on this responsibility. IAS, throughout the organisation, is committed to the advancement and training of staff - Bermudians or permit-holders."