Theclub had a good investment performance, gaining $24.4m on its investmentportfolio, which equates to a 7% return.
Butthe investment result also points to a further substantial underwriting lossalthough the club was aiming to bring this close to balance.
Thesurplus lifts the free reserve of the London Club to $160.6m.
Ina notice to members the club warns there was an upturn in claims after tworelatively benign years.
TheLondon Club’s experience was similar to other P&I clubs in that attritionalclaims remain at moderate level but larger claims are rising.
TheLondon which is one of the most mutual and traditionalist of the InternationalGroup P&I clubs says its owned entry grew by 2m gt to 43.1m gt withcharterers business also rising.
TheLondon Club, chaired by John M Lyras, has a strong following among Greekshipowners and insures many vessels owned by members of the Ofer family. Otherfleets with ships on the books include Cosco, China Shipping Group, MISC, BergeBulk, Wallem and Fairmont.
