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North P and I holds steady in harsh climate

The North P&I Club has announced a minor drop in its free reserve of 0.6% to $312.3m in the financial year to 20 February 2013.

The club reported a combined ratio of 104.4% and an underwriting defect of $10.3m.

Joint managing director Paul Jennings said, 'one of the main concerns over the past year was the substantial escalation in the cost of the International Group of P&I Clubs pool. The claims activity for the International Group as a whole in 2012/13 means it has so far been the most expensive year on the pool at the 12 month reporting point,' echoing the sentiments from both Steamship Mutual and the London P&I Club earlier this week.

Investment income was short of the target laid out in the club's budget by $10m, returning just $8.5m or 1.58%.

Modest growth of tonnage at the club was due to consolidation of membership and controlled growth in core areas, Jennings explained. The club's owned and chartered entries grew to 127m gt and 43m gt respectively.

North P and I chairman Pratap Shirke concluded, 'During 2013/14 we will continue to reinforce the club's financial strength and resources to match our ongoing development in quality tonnage. Our strategic focus remains clear, to deliver financial strength and stability and to be responsive to our members while providing the highest and most cost-effective levels of service.'

Posted 24 May 2013

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