P&I chief Berkeley flags up risk of diversification

IG chairman points to P&I rates subsidy as a threat to pooling fairness

30 April 2015 0:00 GMT Updated 30 April 2015 0:00 GMT

By Jim Mulrenan London

A new warning that diversification by the protection-and-indemnity (P&I) mutuals into new lines of business could distort the market has been given by club chief Grantley Berkeley.

The chairman of the International Group (IG), the organisation that links the 13 leading P&I clubs, highlights that diversification could lead to unfairness in the way contributions to the collective claims pool are levied.