Skuld posts healthy H1 results

Marine insurer Skuld has posted strong results for the first half of 2014.

The insurer said it achieved a positive result of balance carried to its contingency reserve of $20 million for the first half, compared with $11.7 million in the first half of 2013.

Its net investment income also saw an increase to $18.2 million in the half, compared with minus $0.4 million in the same period of the year prior.

It added that it continues to see growth in written premium, with its Lloyd’s syndicate Skuld 1897 operation as one of the main drivers.

Douglas Jacobsohn, president and chief executive officer of Skuld, said: "We are very pleased with these results and they again illustrate the success of our long-term strategy for growth and diversification. With our focus on controlled growth, we have continued to deliver a positive underwriting result and maintained a combined ratio below 100 percent. The positive technical result is mainly derived from our non-mutual book of business and positive adjustments on claims on earlier policy years.

"After six months, the quantum of reported claims is in line with expectations. There will always be an element of the unknown when it comes to claims, but we always strive to attract and retain quality tonnage and to provide our members and clients with the best possible tools to manage risk. When looking at categories of claims, we have noted that those related to human error, such as collisions and groundings, still make up a substantial part.

"We continue to support our members' and clients' needs and throughout Skuld our ambition is to deliver exceptional service and competence that they can rely on."