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LONDONThe U.K. P&I Club posted a $46 million surplus during its most recent financial year largely due to a significant recovery under a policy triggered by record claims at the International Group of P&I Clubs and strong investment returns.
The protection and indemnity club increased free reserves by 20% to $263 million based on its performance for the year that ended in February.
Heavy claims filed by pool members who share in losses at the International Group triggered a policy written for the U.K. Club by Swiss Reinsurance Co. The club recovered $54.1 million under the policy, which amounted to a net benefit of $43.4 million after a commutation balance of $10.7 million had been satisfied.
The U.K. P&I Club's investment income reached $76.9 million for the financial year, significantly higher than the previous year's $49 million gain.
The club's gross premiums rose slightly to $358 million from $355 million the year before.