An unprecedented run of larger claims has hit the profitability of protection and indemnity club the West of England.
It reports a surplus of just $2m for the year to February 2018, drawing a line under annual profits of around $30m over recent years.
The West of England Ship Owners Mutual Insurance Association was hit by eight claims of more than $3m, of which seven were above $6m, although only a couple were sufficiently expensive to be pooled with the other International Group mutuals.
