Skuld announces first mutual-member credit
Marine insurer Skuld has announced a guaranteed premium credit for mutual protection and indemnity (P&I) members after it posted a favourable 2015/16 underwriting result after nine months.
The firm said credit is guaranteed to be a minimum of 2.5 percent on the individual member's P&I mutual premium for 2015/16 policy year, with an opportunity to increase in line with the size of Skuld's result should the result improve even further in the fourth quarter.
Skuld says the mutual-member credit will be funded by an allocation of 20 percent of the 2015/16 financial year's result. The credit will be granted after the final percentage has been determined and the annual result has been approved by Skuld's Annual General Meeting next year.
"In line with Skuld's diversification strategy we are delighted to announce our first mutual-member credit which is intended to reflect our commitment to our members and their contribution to the success of Skuld's P&I business,” said Ståle Hansen president and chief executive officer, Skuld.
“Skuld is in good health and very well placed to continue to serve the global marine markets as it has done for 118 years. Skuld's chosen path of diversification is bearing dividends and we are very excited about the future. It is with this in mind that the board has approved the credit, which we have been considering for some years now.
"Looking ahead to the renewal for the 2016/17 policy year we will continue to conduct all renewals based on individual risk assessments and we look forward to these discussions.
