The American Club reported modest premium growth alongside growth in tonnage as the 2019 renewal season closes out.
Monday, the company announced the fleet under its care grew by 1.6 million gt for protection and indemnity cover and just under 900,000 gt in freight, demurrage and defence.
But premiums only grew 4% for protection and indemnity and 2% for freight, demurrage and defence — figures described as "subdued".
Meanwhile, Eagle Ocean Marine, the American Club’s fixed premium brand, posted a 42% jump in premiums, a fleet of nearly 450,000 gt and revenue growth of $2.75m.
"The 2019 renewal was thoroughly positive for the American Club and Eagle Ocean Marine. Both performed exceptionally well in a challenging environment," said chief executive Joe Hughes.
"Their success in attracting new business speaks to the confidence of the global maritime community in the club’s and EOM’s [Eagle Ocean Marine's] ability to deliver insurance services of the highest quality and relevance to their customers."
Further, the P&I club said its investment portfolio came in flat at the end of 2018 amidst a tumultuous year-end in equities markets.
But, the club pointed out, its portfolio had generated 2.7% returns in January alone.
