A financial windfall is set to give reserves of the protection-and-indemnity (P&I) clubs a boost at a time when they are already rolling in money.
Bermuda-based Hydra Insurance Co is returning funds to its owners, the 13 member clubs of the International Group.
Hydra has shareholders equity, or a free reserve, of about $360m, so is sufficiently capitalised to distribute funds beyond its risk-carrying needs to the clubs.
