Shipowners’ Club has earned a whopping 9.2% return on its investments in the latest policy year amounting to $48.8m.

The windfall helped the protection and indemnity insurer to increase its financial reserves from $304m to $340m. The club's solvency capital position also improved to 190% compared to 185% in the previous policy year.

Shipowners' P&I Club chairman Phillip Orme said the insurer would support members that are struggling during the pandemic.