The UK P&I Club said it has completed a “successful” protection and indemnity (P&I) renewal for 2025.
The Club said it has gained new tonnage during the last year, which it expects will result in a slight increase in market share for the 2025 policy year. It said it continues to focus on maintaining the quality of its membership to manage risk exposure and market volatility.
As part of this approach, some underperforming tonnage has left the Club to support balanced underwriting. Ensuring long-term financial stability remains a priority, the firm stated, with efforts directed at achieving sustainable growth while managing claims exposure.
Over the past year, the industry has experienced a series of significant losses, including the widely reported “Dali” incident, which is expected to affect overall profitability among International Group clubs.
According to the Club, the increased frequency and severity of losses in 2024 are likely to result in its year-end combined ratio exceeding breakeven. Despite these challenges, the Club expects a strong investment return, which is expected to contribute positively to its overall financial position.
William Beveridge, chief underwriting officer at the UK P&I Club, said that they expect another year of positive financial results, citing a continued improvement in the Club’s portfolio mix.
“Throughout the year, we have attracted strong growth and we expect overall mutual tonnage entered in the Club to increase year on year as the world’s global fleet expands,” he added.
Beveridge also said that the Club remains financially secure despite a recent increase in frequency and severity of pool and large claims across the industry.
Last year, the Club also reported a strong renewal season despite challenges within the marine sector. It attributed its success to a partnership-based approach.
The Club said it remains focused on portfolio management, with the goal of providing strong support to members.
