The Shipowners’ Club announced an underwriting profit in 2023 despite suffering a major casualty when a tanker sank in Philippines waters.

The club, which provides protection and indemnity insurance for small and specialised vessels, reported an underwriting surplus of $4.1m, down from $6.2m the previous year.

Tanker with flammable chemical cargo runs aground on Japanese reef
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New members and tonnage boosted premium income to $248.9m