Asian business boosts Skuld’s P&I renewals

Marine insurer Skuld reported 13 percent premium growth in the 2012/13 P&I renewals due to new business gained and the expansion of its product portfolio.

The company gained a significant amount of new business in the Far East, especially in China and Singapore, and also recorded solid growth in the Scandinavian and US markets.

"Continued profitable growth is a demonstration of the success of our long-term diversification strategy. We are pleased to see both geographical and product-portfolio expansion contributing according to plan. Skuld will continue to explore diversification opportunities in order to ensure we can offer innovative insurance products that meet the needs of our members and clients,” said Douglas Jacobsohn, Skuld CEO and president.

The launch of Skuld’s bespoke fixed-premium Owners and Yachts P&I products generated a considerable amount of premium income, as did the offshore and charterers.

The company also recently entered into a long-term strategic partnership with Mitsui Sumitomo Insurance Company (MSI) to offer fixed premium insurance to the Japanese shipowning community.