The UK P&I Club has reported an increase in underwriting losses and a fall in its free reserves.
The Thomas Miller-managed insurer said its P&I combined ratio was 149% in the 2020 policy year, compared with 120% the previous year. A combined ratio in excess of 100% represents an underwriting loss.
The mutual said it was hit by Covid-19 related claims and an expensive year for shared International Group of P&I Clubs pool claims.
