London P&I Club has reported a 2.5m gt (5.8%) year-on-year increase in its mutual business to 45.4m gt, following the completion of the 2018 renewal.
Club underwriting director Reto Toggwiler said that “while the renewal period generally saw rates come under pressure, it is also the case that, in 2017/18, we saw a notable reduction in the impact on income of mid-year churn.”
Toggwiler went on to say that the latest renewal “underlined the high level of commitment to the club by its members. There were some extensive and at times challenging negotiations over rates and terms, especially in a relatively small number of cases where the loss records required particular attention. But, overall, in addition to organic growth, it was pleasing to see the addition of a number of new fleet entries to the club’s mutual membership. At the same time there has also been good progress in the club’s fixed-income business, on which we will be reporting a little later in the year.”