May 14 - The UK P&I Club has released its financial results for the year ending February 20, 2014 and has seen the restoration of its full 'A' rating by Standard and Poor's.
Alan Olivier, chairman and president of the UK P&I Club, said: "The past 12 months have seen the Club return to the top levels of our industry, both in terms of capital and its underwriting discipline. This was endorsed by Standard & Poor's in their decision to restore the Club's full 'A (stable)' rating.
"This year the Club has produced a surplus of USD30 million, taking the Club's total capital to a new high of USD528 million, a sound underwriting result in the face of mounting claims costs during the 2013 policy year. This level of capital will enable us to meet the regulatory requirements imposed by the Solvency II Directive."