London P&I Club reports further growth in owned entry

THE London P&I Club saw further growth in its mutual owned entry following the conclusion of the recent P&I renewal season.

The club’s director of underwriting, Reto Toggwiler, says, “Our mutual membership saw year-on-year growth of approximately of 3.5m gt or 7%. This result is evidence of the strong commitment shown to the club by existing members and by the new members that we were pleased to welcome, drawn from a number of different countries around the world.

“Everybody at the club is grateful to members and brokers for their support in achieving an encouraging outcome which underlines the importance that shipowners attach to the London Club’s service-focused and understanding approach to P&I”.


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London P&I Club increases entry at recent renewal

The London P&I Club increased its entry of both owners and charterers business following the recently completed renewal season.

Ian Gooch, chief executive of the club’s management team, says, “The renewal took place against a backdrop of another challenging year for our members, reflecting the depressed freight markets in many shipping sectors. The particularly difficult trading conditions intensified the focus on costs, including P&I rates. This led to some tough negotiations, and it proved impossible to agree renewal in a few cases. There were also a few instances where our underwriters took the decision not to offer terms.

“Notwithstanding this difficult renewal environment, however, the club recorded further steady growth in its shipowners’ business, of 700,000 gt, with additions from new as well as existing members based in countries which included China, Greece, Singapore, Turkey and the UK. The club’s charterers’ entry also grew by over 3m gt during 2014/2015.

“Moreover, the increase in income earned by the club during the 2014 year, together with rate increases at renewal, means that premium levels continued to move in the right direction.”

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