The American Club’s mutual P&I entered tonnage grew by 25% last year.
And the New York-based insurer retained around 95% of its tonnage at this month’s annual policy renewal as shipowners remained loyal despite rate increases..
It said the average rates for renewing tonnage had increased by 8% per tonne, while there was an additional increase of 2% in cash value generated through higher deductibles.
It also registered 25% gains in its freight, demurrage and defence business and 10% in the charterers’ business.
The American Club said its book of mutual P&I business has increased to 25m gt and annual premium to $108m.
Additional business lines, such as fixed premium company Eagle Ocean Marine, helped bring total revenue up to $135m.
Chief underwriting officer Tom Hamilton said the club has a “sound platform for further expansion over the months and years ahead”.
Dorothea Ioannou, chief executive of the club’s manager, SCB, said: “The growth of the club’s premium and tonnage over the recent renewal reflects the loyalty and commitment of its members and their intermediaries throughout the world.
“None of this is taken for granted, and will continue to be earned by a dedication to excellence in service provision, supported by a strengthening financial outlook for the club.”