New York: P&I insurer the American Club reports that its entries from Asia continue to show 'energetic growth', particularly those from China where the club's managers opened a liaison office, in Shanghai, in November 2007. Asian entries now amount to nearly 20% of the club's tonnage and there are 'encouraging prospects for further growth.'
Overall the club has shown 'significant progress' this year, according to Joe Hughes (pictured), chairman and ceo of the managers SCB, Inc. In addition to an increase in overall tonnage of about 9% since February 20, and premium growth in spite of fragile freight markets, there has most notably been a sharp rise in the club's free reserves.
'As at September 30, the club's free reserves had grown by some 57% in excess of the figure indicated at year-end 2008, from $35.7 million to nearly $56 million, an all-time high,' explains Hughes. 'Expressed as free reserves per ton, the rise has been nearly 50% from $2.70 to $4.00. This latter figure is greater than the February 20, 2009, International Group average of about $2.80.' [17/12/09].
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