Theprotection and indemnity club’s free reserve has increased by $15m to $301.2m withmost pointers turned in a positive direction after a loss of more than $17m over the previous couple of years.
Theincrease in free reserve is normally equivalent to the surplus althoughaccountancy conventions sometimes produce a difference.
Theclub had previously projected a small increase in the free reserve while theStandard & Poor’s rating agency had forecast a bottom line surplus of $2m.
Thecombined
