The London P&I Club has announced a notable increase in its annual renewals for 2024, marking an 8.9% growth in mutual tonnage compared to the previous year.
The club noted that this development aligns with its strategic objectives to enhance its financial standing, buoyed by a favourable claims experience and robust investment returns during the 2023/24 policy period.
Reto Toggwiler, the chief underwriting officer of The London P&I Club, highlighted the growth in mutual tonnage, attributing it to both new memberships and continued commitments from existing members.
“In addition, there have been commitments of tonnage for entry with the Club, which are due for delivery over the next months, that will further strengthen the London Club’s position over the coming year.”
Expressing appreciation for the unwavering support from members and brokers, Toggwiler emphasised the club's gratitude and the positive impact of such confidence on their operations.
The London P&I Club serves a broad spectrum of clients in the maritime sector, including shipowners and charterers, positioning itself as a leading entity in the protection and indemnity (P&I) domain. It offers a variety of services, including P&I, freight, demurrage & defence (FD&D), and war risks coverage, to an international clientele.
The club is also a prominent member of The International Group of P&I Clubs, comprising 12 member clubs that play a pivotal role in the global shipping industry. London P&I serves clients across a number of offices, including its namesake, Hong Kong, Piraeus, and South Korea (through a partnership with AB Korea).
In October, the club managed a victory in the arbitration proceedings initiated by the insurer in the UK involving an oil spill in Spain back in 2002.
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