Skuld expands in 2021 P&I renewals despite 'extreme volatility' in marine market

Marine insurance provider Skuld reported a 5.5 percent increase for mutual protection and indemnity (P&I) gross tonnage in renewals for 2021.

The company saw positive development despite challenges posed by the pandemic and a period of "extreme volatility" in the marine insurance market.

Following the recent renewals, the company’s mutual P&I tonnage now stands at 101 million gross tonnes (GT).

Skuld said it also increased its market share across all other lines of business, including hull and energy and all aspects of its commercial P&I operations.

Ståle Hansen, Skuld president and CEO, said: "We are very pleased to record a successful renewal in a very different year both for our members and clients and for Skuld. In our 123rd operating year Skuld reached another milestone, crossing the 100 million mutual GT mark. Albeit working remotely and fully digitally our members and clients have coped extremely well with the situation and we owe our greatest thanks and appreciation to everyone who has contributed positively during the pandemic. This year’s successful renewal would not have been possible without the loyalty of our high-quality membership and the dedicated and co-ordinated teamwork across our network of offices and departments."

Hansen added: "Skuld's strategic focus on growth through diversification and our careful selection of quality tonnage along with efficient processes and outstanding service lays the foundations for further growth and development in 2021 and beyond. This enables us to continue providing our members, clients and brokers with the service and competence they can rely on."

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.