Britannia P&I, the protection and indemnity provider for the ship that destroyed a bridge in Baltimore, on Thursday reported strong investment returns to boost its financial reserves.

The London-based club reported an investment return of $63.5m for 2023/24 but an underwriting loss of $5.3m.

Britannia P&I said on Thursday that it remained in “robust financial shape” with free reserves growing to $549.9m