The London P&I Club reported an improvement of more than £2m in its financial position, despite a third consecutive year in which the club said investments failed to yield a significant return. Accumulated free reserves are said to stand at $87.9 million.
Club chairman John M Lyras said the small year-end surplus "was made possible by the firm action taken by the Club Committee to correct premium rates, which for some years had been set at low levels, and because the overall claims experience was benign".
Paying tribute to the continued support of the Club's members, Lyras concluded: "The Club is able to face the future with renewed confidence."
The overall cost of claims for the Club in 2002 was 10% lower than the previous year, and 30% lower than 2000, according to a statement.
