London results

The London P&I Club has reported an operating surplus of US$36.3 million, strengthening its free reserves to $149.8 million. Gross earned premium increased by 4.5 per cent from the previous year and with positive underwriting contributions from all product lines the Club's combined ratio was 83.1 per cent. At the same time there was a positive investment return of $17.4 million, equivalent to 5 per cent. The positive result follows action to bring pricing into line with claims and associated expenses and to improve the Club's risk profile.