London P&I announces CEO transition

London, 7 May 2024 – London P&I has announced that Ian Gooch will step down during the year from his role as chief executive officer after 15 years in the post and 21 years as a director of A. Bilbrough & Co., the company that manages London P&I.

Subject to regulatory approval, James Bean from NorthStandard P&I Club will succeed him.

James Bean is a qualified solicitor who has worked in the marine insurance industry since 2005. He joined NorthStandard’s senior leadership team in February 2023. Before that, he was group managing director at the Standard Club.

To support an orderly transition, Ian Gooch will continue as part of the A. Bilbrough & Co. team and will assist James and the senior management team.

“Having served London P&I and Bilbrough for over two decades, I am very proud of what our team has accomplished. After such a tenure, following a strong renewals season and the Club’s positive trajectory, I feel the time is right to step aside. I am confident that the Club will continue its growth as an independent mutual marine insurance provider under James’ leadership and that he will bring new perspectives and opportunities to evolve. He is exceptionally experienced and brings a deep industry knowledge, a proven track-record of success and a shared appreciation of the values of the Club,” said Ian Gooch.

“It is a real privilege to take this next step in my career and join London P&I at an exciting time for the company. I look forward to working closely with the Board of Directors, Members’ Committee and management group, as well as members and assureds. On a personal level, I greatly valued all of my time at NorthStandard and the opportunities and experiences afforded to me over the past 19 years, and I would like to thank everyone for their continued support,” said James Bean.

Chairman John M. Lyras said: “I am delighted to welcome James to London P&I. He has first-rate credentials with extensive industry experience, and he will have all the support he may need from the Board, Members’ Committee and our membership for his new role. I am pleased to say that Ian will remain involved with us, supporting James and the team in continuing to deliver the highest standards of service for London P&I and increasing our membership, in line with our strategic goals.”

London P&I is a leading provider of marine Protection and Indemnity (P&I), Freight, Demurrage and Defence (FD&D) and War Risks cover to an international membership of shipowners and charterers with a combined tonnage totalling 69m gt. It is also one of the 12 member clubs of the International Group of P&I Clubs, which together provide marine mutual cover to approximately 90% of the world’s ocean-going tonnage.

London P&I recently reported a strong outcome to the February 2024 P&I renewal and saw year-on-year growth in mutual tonnage of 8.9%. These developments were in line with the Board’s targets and recent actions to improve financial performance. They also came alongside a much improved claims experience and a positive investment return in the 2023/24 financial year, on which a full report will be issued in due course.