London Club results

The London P&I Club’s 2015 Annual Report highlights an unusual run of expensive claims in the 2014/2015 policy year, with progress in other areas meaning that the free reserves stand at a healthy US$157.4m. Ian Gooch, chief executive of the club’s management team, said “During the last policy year, the club was required to respond in respect of 14 claims in excess of $1m, two of which are expected to exceed the $9m retention level and have been notified to the International Group Pool. This was an extremely unusual experience; to put it in perspective, there has only been one other policy year in the past 10 in which the number of the club’s claims in the band in excess of $1m exceeded eight at expiry.”