Specialist small vessel insurer the Shipowners’ Club boosted its reserves after a profitable year, despite turning down $60m of new business, according to its annual results.
The protection and indemnity club’s free reserves, a key measure of financial strength, were up 10% from 2023 to reach $447.5m as it benefited from strong investment returns and an underwriting profit.
The results revealed a fourth consecutive year of underwriting profits despite a surge in claims costs across the 12 members of the International Group of P&I Clubs, which includes the Shipowners’ Club.
