GOOCH DEFENDS LONDON CLUB DOUBLE-DIGIT PREMIUM HIKE

London Club chief executive, Ian Gooch, has defended the club’s decision to increase premium revenue by 12.5% based on fleet-by-fleet pricing at the next renewal round, in line with the going rate among International Group (IG) affiliates. The move, detailed in a circular on the marine mutual’s website, comes after the marine protection and indemnity (P&I) mutual was earlier this year forced to levy supplementary calls of up 35% for the past three years, effectively asking owners for an additional $75m. The London Club has a combined ratio of 137%, putting it firmly at the upper end of the IG spectrum. It last made a supplementary call in 2008, in the wake of the global financial crisis. “We are sending a clear signal about the direction of travel in terms of rating and pricing requirements, while also making the point we don’t believe in the one-size-fits-all approach,” Gooch said.