May 16 - During its 2013/14 financial year, the London P&I Club generated an overall surplus of USD6.6 million, increasing its free reserves to USD160.6 million.
London P&I Club explained that there was an increase in P&I costs within its retained layers in the financial year, driven by an increase in the cost of claims in the higher severity band. This overshadowed an encouraging return for claims in the lower severity layer.
It reported a reduction in the level of claims involving the International Group Pool in comparison to the high levels seen in 2011/12 and 2012/13, although the cost remained relatively high.
In the 2013/14 year the London P&I Club achieved a return on invested assets and cash of USD24.4 million, or 7 percent, reflecting a positive performance across each major asset class. It also saw steady growth in the entry of ships with the club, from new and existing members.