Association, has increased its assets by 32 percent, its directors have been told.

Lloyds List has reported that as a result of the recent renewal of protection and indemnity entries, Steamship declared that tonnage has been increased by 2.3 million gross tonnes, bringing its total up to 54.5 million gross tonnes entered, following a few losses and several gains at the February renewal.

The mutual lost the five-vessel Regency Cruises fleet to the Newcastle Club, but gained a mixed portfolio of vessels that more than compensated for the loss.

The London newspaper reported that assets of the club, the fourth largest in the wold, and its associated reinsurer, Steamship Mutual Trust, have increased by $90 million over the past year and now total in excess of $370 million.

The 32 percent increase comes from higher premiums now being levied, the collection of supplementary calls that had previously been announced and a moderation in the rate of increased claims.

In the absence of the additional tonnage, premium income this year will be ahead of last year, although Lloyds List said that it is unlikely the club achieved the 7.5 percent standard increase it was seeking.