Skuld, the marine insurance provider, has reported a positive outcome from renewals, with a 10 percent increase in protection and indemnity (P&I) gross tonnage, net of de-selections and lost business.
Following the mutual P&I renewals, which were completed on 20 February, Skuld confirmed the signing of an additional 9 million gross tonnes (GT) in 2016.
In a competitive market, Skuld was notable in growing its global offshore business and also saw moderate growth on blue water contracts in the Nordics, Europe and Asia through the attraction of new mutual business.
The combined ratio for the 2015/16 year is expected to show an improvement on the past three years, said the firm.
In spite of the challenging financial markets which have had an impact on investment return, Skuld’s positive underwriting result ensures the guaranteed minimum 2.5 percent member credit, which was first announced at the end of last year.
Ståle Hansen, president and chief executive officer of Skuld, said: “It is very pleasing to see an increase on our previous year’s gross tonnage in our 2016 renewals, which exceeded our own expectations. This is thanks to our loyal members who not only renew their policies with Skuld but who also bring new tonnage into the club based on our service and financial strength."
Skuld also announced a number of management changes.
Lars Dueled, executive vice president (EVP), protection and indemnity (P&I) operations, becomes chief underwriting officer and Greg Thomas, EVP, commercial P&I, will be relocating from Oslo to London to become chief business development officer.
Alem Jasarevic, formerly strategic director at Sparebank 1, the Norwegian banking and insurance group, has taken up the role of chief operating officer. There is also an internal recruitment process to appoint a chief claims officer to the senior management team.
Hansen commented: “Attracting new and high-quality members has been the formula for producing a track record of strong underwriting results and makes us an attractive partner in the marine insurance market.”
Hansen added that the management changes strengthen Skuld’s ‘one voice, one team’ goal.
Skuld, marine insurance, P&I, Renewals, Ståle Hansen, Sparebank 1, London, Europe