The American Club reported its results for 2002 at its annual meeting in New York. In addition to a further increase in entered tonnage, taking the club to a total of nearly 19m. gross tons, it also achieved a post-tax operating profit of $3.2m. despite difficult trading conditions. It was the second successive year to show an operating surplus, bucking an almost universal trend seen elsewhere in the market of year-on-year losses. The New York-based mutual once again saw its premium income rise – to $53.3m. from $41.5m – an uplift of 28%. Total assets grew by 15% (to $119.2m.), while free reserves rose by an identical margin of 15% to $20.3m.