The UK P&I Club, one of the largest and oldest providers of mutual liability insurance to ship owners, announced its financial results for the year ended February 20, 2013. Dino Caroussis, Chairman of the UK P&I Club, said, “In the year under review, the Club has strengthened financially, increasing its free reserves and capital to $494 million, a new high. Further, in evidence that the Club's strategy of disciplined underwriting is being recognized as achieving results, S&P has upgraded the Club to A- (positive outlook). “This last renewal season was one of our strongest in recent years, with mutual owned tonnage growing to 120 million gross tons, maintaining our position at the top of the P&I market.