Breathing a sigh of relief

Lloyd’s broker Tysers has just produced its annual report on the P&I market which we reproduce in part below

The International Group will have breathed a huge sigh of relief when they added up their investment returns for the 2012/13 year. A total return of US$420m really did save the day as only two Clubs, Shipowners and Skuld, managed a technical underwriting surplus and the latter’s was under $1m. As a result, only four Clubs suffered an overall loss American, North, Steamship and Britannia.