Arthur J Gallagher's review of protection-and-indemnity (P&I) clubs compares newly available information on their Solvency II capitalisation requirements to funds in the kitty and finds the clubs generally well placed.

This year saw the clubs publish their first Solvency and Financial Condition Reports (SFCR) after 15 years of talk about the impact of Solvency II.

“When it came to it, the impact was very much a non-event — a lot of substantial reports were produced which showed pretty much what we had all expected — that the market was well capitalised, if not over capitalised,” said Gallagher P&I division director Malcolm Godfrey.