American Club NEP falls but underwriting strong

Protection and indemnity marine mutual the American Club has
reported a 14 percent decrease in net earned premiums (NEP) for
2015 following a challenging year for the shipping industry.
NEP fell from $94.2mn to $81.4mn, while total income also
dropped 16.9 percent compared to the prior year to $87.6mn.
However, underwriting performance continued an improving trend,
with the mutual adding that net claims were benign during 2015. The
club said that at the 15th month of development, retained claims