The London P&I Club consolidated its financial strength by recording an overall surplus of $3.6 million for the 2010/2011 year of account. This lifted free reserves to $145.1 million, the highest level in the club’s 145-year history. The club’s continued policy of achieving controlled growth in its membership resulted in a five percent increase, of almost 2 million gt in owned entered tonnage over the course of the year. The volume of charterers’ business also continued to grow, and these developments produced a total entry of 42.5m gt at year-end, with more ships scheduled to attach during the course of 2011. Pointing out that the 2010/2011 policy year saw an unusually high number of claims in excess of $1 million, Chairman John M.