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P&I club aims for 5% increase in 2011/12

 

Friday, Nov 12,2010, 8:34:18 PM   Click:

Protection and indemnity association The London P&I club has set a general increase of 5% in annual P&I call rates for 2011/2012 policy year.

The club reported its financial position strengthened in early 2010, with claims lower than expected; though some members have suffered large causalities in 2010.

Fixed income holdings remain the dominant asset class in the portfolio managed by the club’s quota share reinsurer in Bermuda. It said this reflected the club committee’s risk appetite and tolerance.

This year to date, the return on the club’s investments and cash stood at 3.8 per cent at end-August 2010.

The club said it is taking a cautious approach to investment in future as conditions remain uncertain.

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