London Club makes $6.6m

The London Steam-Ship Owners’ Mutual Insurance Association stayed in the black last year but the surplus of $6.6m was down on the $9.4m of the previous year.
John Lyras

John Lyras

The club had a good investment performance, gaining $24.4m on its investment portfolio, which equates to a 7% return.

But the investment result also points to a further substantial underwriting loss although the club was aiming to bring this close to balance.

The surplus lifts the free reserve of the London Club to $160.6m.

In a notice to members the club warns there was an upturn in claims after two relatively benign years.

The London Club’s experience was similar to other P&I clubs in that attritional claims remain at moderate level but larger claims are rising.

The London which is one of the most mutual and traditionalist of the International Group P&I clubs says its owned entry grew by 2m gt to 43.1m gt with charterers business also rising.

The London Club, chaired by John M Lyras, has a strong following among Greek shipowners and insures many vessels owned by members of the Ofer family. Other fleets with ships on the books include Cosco, China Shipping Group, MISC, Berge Bulk, Wallem and Fairmont.