A profit of 9.5 million USD for UK P&I Club

UK P&I Club, the specialist marine third party liability of shipowners, posted 9.5 million USD in net profit during the year ending February 2013. The insurer nevertheless posted a combined ratio of 104%. This high rate is partly accounted for by the increase in the average cost of claims.

UK P&I Club insists it has been cautious about the development of loss experience. It will plan campaigns for claims prevention and will be selective about the underwritten business. The 4% return on investments allowed it to stay in the green.