London P&I Club reports surplus and higher free reserves

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The London P&I club has reported a surplus of $25.9m for the year to February 20 2010 and a 22% increase in free reserves to $141.4m.

The club said claims incurred net of reinsurance increased to $106.1m and while there was a significant fall in the aggregate cost of claims below $1m there was an increase in claims notified to the International Group Pool – three of which involved club members.

Ian Gooch, chief executive of the club said the progress made towards balancing premium income with claims and operating costs was being underscored by other measures including the strengthening of rating levels and adjustments to deductible structures.

Tonnage entered since the last renewal had pushed current membership to around 40m tons gross.

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