The London P&I Club has increased its book of business by 8% following the 20 February policy renewal.
It said the annual renewal was in line with its target to improve financial performance, which was also helped by an improving investment market and lower claims.
At this year’s renewal, it was targeting a 7.5% increase in premium income.
The club expects to grow further in the new policy year.
“There have been commitments of tonnage for entry with the club, which are due for delivery over the next months, that will further strengthen the London Club’s position over the coming year,” said chief underwriting officer Reto Toggwiler.
This year’s protection and indemnity renewal marks a turnaround for the club, which in 2021 applied a supplementary call on its shipowner members to recover its financial position.
Its P&I book also shrank after it parted ways with a number of its members to derisk its business and make its underwriting more sustainable.
The London Club earlier told TradeWinds that it hopes to break even on its underwriting activities after a couple of difficult claims years.
Gard, Skuld, the West of England, Steamship Mutual and UK P&I Club have all reported healthy gains at this year’s renewal.
