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The London P&I Club Shares Positive 2024 Renewals Outcome

The London P&I Club

Published Feb 27, 2024 5:14 PM by The Maritime Executive

[By: The London P&I Club]

The London P&I Club has reported a strong outcome for its annual renewals for 2024, with a growth in mutual tonnage of 8.9% year on year. 

This positive outcome and strengthening of rating and deductible levels for the London Club has fallen in line with the Club’s target to improve its financial performance following a favourable claims experience and a positive investment return in the 2023/24 policy year. The London Club are now confirming they have renewed 97% of total membership and their annual gross tonnage now sits at 44.1 million gt.

Reto Toggwiler, Chief Underwriting Officer at The London P&I Club, said: “We are delighted to see year-on-year growth in our mutual tonnage, supported by entries from new and 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.”

“We are grateful for the continued support and confidence of our Members and brokers,” he added. Insuring a diverse range of shipowners and charterers, The London P&I Club is one of the world’s leading Protection and Indemnity Associations, providing P&I, FD&D, War Risks and other covers to our international membership and is one of The International Group of P&I Club’s 12 member Clubs.

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