London P&I Club Reports Increased Free Reserves for 2016/2017

The London P&I Club has issued an advance summary of its result for the 2016/2017 financial year, ahead of the publication of its annual report. The Club recorded an overall surplus of $27.3 million, increasing the free reserve to $188 million.

The combined ratio was 97.9 percent. The positive technical performance was supplemented by an investment return of 8.4 percent.

Ian Gooch, CEO of the Club’s management team commented,"There were various drivers behind this positive result, with the claims environment – which remained benign by longer-term historic standards – being an important factor, even though it was not as favourable as the 2015/2016 year. In particular, we saw a notable reduction in retained claims in the band between $500,000 and $1 million and in the level of claims falling on the International Group Pool."