Good year for UK Defence Club

FD&D insurance specialist the UK Defence Club has reported a good performance for the past financial year despite the global recession. Net claims incurred rose to GBP14.5m, compared with GBP9m in 2007/8. However, premium income rose by six percent because of continued growth in entries. Investment return totalled GBP4.3m, GBP1.6m better than the previous year. The club said this was helped by its cautious investment strategy and the weakness of sterling, which depreciated by 26% against the US dollar and 14% against the Euro.

There was an overall surplus for the year of GBP2.1m, taking free reserves to GBP19.9m. The club had 3,965 owned and chartered ships entered at the close of the year. This compared with 3763 ships 12 months earlier.

 

 

(Source: Maritime Global Net)