The London P&I Club prepared for a change in its leadership with a turnaround of fortunes in 2023/2024 after a grim previous 12 months, according to figures posted on Monday.

The club — one of the smallest members of the 12-strong international group of protection and indemnity clubs and the worst performing in the 2022/2023 policy year — reported a return to profitability for both underwriting and investment as chief executive Ian Gooch prepares to bow out.