The Marine team is pleased to publish the 2018 annual P&I Pre-Renewal review.
The 2017–18 year may now be history, but it will be a year which everyone will be wise to learn lessons from. As was widely predicted, collective Free Reserves soared by a further US$ 469 million to US$ 5.76 billion, not withstanding a US$ 30 million capital distribution by Britannia and US$ 128 million of return calls. Since the year end the UK Club has redeemed its US$ 100million hybrid capital and the Swedish Club has already announced a return of premium for the 2018–19 policy year.
In our annual review, we look at the Clubs activities throughout the year and summarise their financial positions. We also take a look at various industry statistics, comparing results from the past seven years, as well as reviewing updates to major limiting conventions and statutes affecting P&I risks.