The Shipowners’ Club slipped almost $21m into the red last year but managed to hold on to a longterm record of underwriting profitability.
An investment and foreign-exchange loss reduced the free reserve to $279.4m from $300.3m, with income also hit by difficult times in the offshore market, which accounts for 30% of total premium.
The protection-and-indemnity (P&I) club, which focuses on smaller and specialised tonnage, reports an underwriting surplus of $3.2m,
