Diversification is on the agenda of yet another protection-and-indemnity (P&I) club — this time the West of England Ship Owners Mutual Insurance Association.

Chairman Matheos Los cites one of the most fashionable words in the current P&I lexicon in his annual report to members.

But Los, of Piraeus based bulker operator Tri-Marine, assures members that “diversification” will not distract the club’s shipowner directors from fundamental issues such as the financial soundness of the mutual.

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