London P&I Club Reports Increased Free Reserves
The London P&I Club has issued an advance summary of its result for the 2017/2018 financial year, ahead of the publication of its annual report.The club recorded an overall surplus after tax of $6.6 million, increasing the free reserve to $194.6 million. The combined ratio was 118.7 percent. In the year to 20 February 2018, there was an investment return on the club’s portfolio of 5.5 percent, or $18.9 million, net of associated management expenses.The club continues to receive additional entries from new as well as existing members and…
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…
Solid Renewal for London P&I Club
Moving into the new P&I policy year, the London P&I Club has seen further growth in its owners’ tonnage, in addition to strong growth in its charterers’ book of business. Ian Gooch, chief executive of the club’s management team says, “The recent renewal was particularly challenging for a number of reasons, including the depressed trading conditions in many sectors. “A key part of our strategy involves work to strengthen the club’s long-term technical performance, and the renewal saw some especially intense dialogue and detailed analysis of loss records and risk exposures with members and brokers. It was also the case that, for various reasons, terms were not agreed with some members.
London P&I Club Holds Strong Despite Large Claims
The London P&I Club’s 2015 Annual Report highlights an unusual run of expensive claims in the 2014/15 policy year, with progress in other areas meaning that the free reserves stand at $157.4 million. Ian Gooch, chief executive of the club’s management team, said, “During the course of the last policy year, the club was required to respond in respect of 14 claims in excess of $1 million, two of which are expected to exceed the $9 million retention level and have accordingly been notified to the International Group Pool.
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.
London P&I Club Sets General Increase for Next Policy Year
The London P&I Club has set a general increase of 12.5 per cent in annual P&I call rates for the 2013/2014 policy year. Commenting on the background to the decision, Ian Gooch, chief executive of the Club’s management team, says, “Claims in the Club’s retention layer for the current policy year show some encouraging signs, especially at the attritional level, where increased deductibles seem to be playing a part. Although claims in the highest band, in excess of $1m, are running at a moderate level, this band is volatile and has been very expensive in other, recent years.
London Club Sets Increase for P&I
THE London P&I Club has set a general increase of five per cent in annual P&I call rates for the 2012/2013 policy year. Commenting on the background to the decision, Ian Gooch, chief executive of the club’s management team, says, “Prior open policy years are developing in line with expectations. In the current year the news is conflicting. On the one hand, we have seen some signs of increased claims activity, mainly involving cargo cases in the $100,000-$1m band. But at the same time we are finding that claims above that band…
London Club Strengthens Financial Position
The London P&I Club reported that, while investment performance was adversely affected in the year to February 20, 2009, its financial position has been considerably strengthened as a result of action taken by its committee in setting additional calls in October 2008. The club’s annual report will be published in July. But a summary of results for the 2008/9 financial year reports a 13.4 per cent fall in the value of the club’s investments, equating to $39m, despite the decision…
