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(From Lloyds List)
NIGEL Russell, head of the marine division of broker HSBC, believes that despite some unrest in the market there will still be those clubs where a 12.5% premium increase will not be sufficient.
Mr Russell says the club's finances remained the dominant talking point for the P'I sector as the renewal season continues.
'The drive last year for the club was to ensure the technical underwriting results were in balance. Only four clubs have managed to achieve that.
'For those who have not achieved a technical result in the past year there are choices to be made. You cannot keep taking money out of your free reserves.'