Members Boost London P&I Club Tonnage
The London P&I Club has increased its membership by almost two million gross tons over the past year. This increase reflects the entry of further tonnage with the club by existing members, and the addition of new members from China, Greece, Singapore, Turkey, and the U.K.
Ian Gooch, chief executive of the club’s management team, says, “The London P&I Club heads into 2014/15 after a solid renewal and further controlled growth. The club has seen encouraging progress, including continued steady growth in its mutual membership, which now stands at 43.1m gt.
“On the one hand, the renewal took place against a backdrop of depressed freight markets in many sectors. On the other hand, the increases in rates and deductibles applied by our underwriters were an important part of the ongoing work on our operating performance and consolidation of the club’s financial strength. These competing pressures contributed to the few cases where it ultimately proved impossible to agree terms, while in a few other cases the decision was taken not to offer renewal.