P&I clubs cannot continue paying cashbacks to members while clocking up substantial underwriting, according to Gallagher. A number of International Group affiliates - including Britannia and Steamship Mutual - have engaged in the practice in recent years, typically justifying it as a means of returning surplus capital to members. By contrast, London and American have had to make supplementary calls, Gallagher says in its annual pre-renewal report.
展开▼