London P&I Club records encouraging growth
Following the recent completion of the 2018 renewal, the London P&I Club saw an encouraging 2.5m gt, or 5.8% year-on-year increase in its mutual business, to 45.4m gt.
The club’s underwriting director, Reto Toggwiler, says, “While the renewal period generally saw rates come under pressure, it is also the case that, in 2017/18, we saw a notable reduction in the impact on income of mid-year churn.
“This renewal again underlined the high level of commitment to the club by its members. There were some extensive and at times challenging negotiations over rates and terms, especially in a relatively small number of cases where the loss records required particular attention. But, overall, in addition to organic growth, it was pleasing to see the addition of a number of new fleet entries to the club’s mutual membership. At the same time there has also been good progress in the club’s fixed-income business, on which we will be reporting a little later in the year.”
l The London P&I Club is one of the world’s leading mutual marine liability insurers. It is a prominent member of the International Group of P&I Clubs, playing a key role in co-ordinating and promoting the collective strength of the P&I industry on behalf of the global shipowning community. www.londonpandi.com
London P&I ClubThe London P&I Club is one of the world's leading Protecting and Indemnity Associations of choice for quality shipowners. It underwrites P&I and FD&D insurance on a mutual basis - and is a member of the International Group of P&I Clubs, playing a key role in coordinating and promoting the collective strength of the P&I industry on behalf of the shipowning community.
The London P&I Club additionally provides a flexible package of covers, subject to a combined single limit for charterers. It is also a member of the Combined Group of War Risks Clubs, covering and pooling war risks liabilities, principally on behalf of British ships.
The Managers of The London P&I Club, A Bilbrough & Co Ltd, maintain offices in London as well as Piraeus and Hong Kong - while a global network of P&I correspondents, lawyers and surveyors also help to ensure the provision of a high calibre 24 hour international service to the Club's membership.
Merlin Corporate Communications