Despite mixed messages from the protection and indemnity clubs about how the year to February 2018 has performed, it seems more than likely there will be a decent profit to push free reserves even higher.
Premium income is down and claims are modestly up, while financial market volatility has sparked some nervousness about the investment return.
But, nevertheless, it appears highly likely that the just-completed P&I year will see further significant growth in the International Group P&I clubs' collective free reserve, which already stands at around $5bn.
