American Club slips to 2016 loss but surplus grows in '17

The American Club swung to a $2mn operating loss in 2016 even as
total premium climbed 17 percent and investment returns improved,
the New York-based member of the International Group of protection
and indemnity (P&I) clubs said today.
Formally known as the American Steamship Owners Mutual
Protection & Indemnity Association, the club said 2016 losses
and other expenses jumped 30 percent year-on-year to $108.5mn, led
by a 43 percent surge in losses and related expenses to about
$70.8mn.
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