Skuld renewals rise for P&I in 2019

Marine insurance provider Skuld reported a 4.3 percent net increase in renewals for mutual protection and idemnity gross tonnage year-on-year from 2018 to 2019.

This included committed tonnage for delivery throughout 2019, with the company’s  mutual P&I tonnage now at 95 million gross tonnes.

Skuld said it had grown organically as well as attracting a “significant number” of new mutual members in the Far East, Europe and the US. The insurer highlighted “significant growth” in all commercial P&I business lines, including charterers and offshore.

Ståle Hansen, Skuld president and CEO, said: “In an increasingly pressured P&I market, we are very pleased to announce another positive P&I renewal outcome. This success is largely due to the dedication of our talented team, which collaborates across our network of offices and departments to deliver our members, clients and brokers with the service and competence they rely on.

“Our diversified product offering and excellence in service levels are reflected in our loyal membership. We take pride in delivering insurance solutions that truly meet the requirements of clients’ high-quality tonnage, through fair dealing, and this is why they choose to stay with Skuld.

“Skuld’s recent P&I renewal confirms our top tier position within the members of the International Group of P&I Clubs, and this renewal season represents a solid start to the 2019/20 policy year, placing us firmly on track to achieve our growth ambitions.”