The Shipowners’ Club has reported a $4.3m underwriting profit for the first six months of the year, following an upturn in premium income and decline in claims.

The protection and indemnity insurer’s combined ratio, which reflects underwriting performance, for the half-year period was a profitable 96%, compared to a loss-making 100.9% at the same point in the previous year.

The London-headquartered P&I insurer’s focus is on small, specialised vessels, but its result reflects a general improvement in the underwriting performance of P&I clubs after increases in premium at the February renewal.