United Kingdom
P&I Portal

London Club

The London Steamship Owners’ Mutual Insurance Association Limited A
Bilbrough & Co Ltd, 50 Leman Street, London E1 8HQ, UK
londonpandi.com t +44 (0)20 7772 8000

2017 report overview

  • Club reported a combined ratio of 97.9% for the 16/17 PY
  • Free reserves now stand at USD 188 million after a surplus of USD 27.3 million at the years end
  • The club reported a 8.4% investment return (USD 26.7million)

View the London P&I club 2017 report

Aon’s comment

A good set of underwriting results have seen Free Reserves jump. Like many, investment returns have soured what would have been one of the better years for the club. London club have an extremely loyal following and indigenous growth has been a major factor in the clubs increase over the past few years.

Free Reserves against premium income are at 146.00%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
1,062 1,019 984
Total owned entered GT
2016 2015 2014
44,617,000 43,475,000 42,153,000
Total chartered GT
2016 2015 2014
6,835,000 7,252,000 3,702,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 110,072 111,290
Excess Calls 0 0
Reinsurance Premiums -22,669 -24,445
Total Income 87,402 86,845
Expenditure Net claims incurred -60,129 -104,277
Net operating expenses -11,954 -12,483
Total expenditure -72,083 -116,760
Underwriting result pre investment/other financial income and tax 15,320 -29,915
Investment/other financial income -11,883 26,728
Tax/interest charged -144 -41
Overall result 3,293 -3,230
Free reserves 160,707 157,414

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Dec-15
Rating BBB BBB
Outlook Stable Stable
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 0.0 0.0 15.0 5.0 5.0 5.0 12.5 10.0 5.0 0.0
Supplementary Call Record % 40/75 40/40 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/0

Release Call Percentage - as at February 2017

2014 2015 2016 2017
5% 12.5% 15% 15%