The Shipowners’ P&I Club has announced a “nil” general increase for the 2015 renewal following the issuance of a strong half-year report. The report (unaudited) shows a higher gross earned premium versus the same point last year despite the club’s withdrawal from the Pacific North West fishing sector. The underwriting shows a small policy year surplus to date and improvements in back year claims has resulted in a half-year combined ratio of 95.5%. Investment returns were reported to be standing at 2.2% and US$15.3m has been added to the free reserves which now stand at US$314.1m. The club advised it will continue its policy of absorbing any increase in group reinsurance costs.

The full Shipowners P&I Club circular can be found here.