Hong Kong Grants Licence to Steamship Mutual
Protection and indemnity club Steamship Mutual P&I Club has been given a licence in Hong Kong by Hong Kong Insurance Authority , its third in the Far East after Singapore and Tokyo."Hong Kong Insurance Authority has formally authorised the Club to establish a Branch in Hong Kong from 17 August 2018," said a press statement.Steamship Mutual is the first P&I Club to gain authorisation from the independent statutory authority, which commenced operation in 2017.The Club has maintained a presence in Hong Kong for almost 30 years, and formal authorisation provides a solid platform to deliver the full range of P&I services to Members and brokers…
Skuld Launches Members’ Performance Bonus
Norway-based international marine insurance company Skuld announced a positive bottom line result of USD 58 million (USD 51 million in 2016 before members' credit) for its 2017 financial year ending 20 February 2018, as well as a total combined ratio of 97%. Gross earned premium in 2017 amounted to USD 413 million. For a record 15th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 7% return on investments. With this positive result Skuld will for the third consecutive year propose to the AGM a members' premium credit to all mutual members and launch its members' performance bonus. This bonus…
ITS Corp. Awarded USCG Contract
ITS Corporation ITS Corporation announced that its Arlington-based LEADS Business Unit won a contract for Business Operations Support Services (BOSS) to perform claims services for the Oil Spill Liability Trust Fund, which is overseen by the U.S. Coast Guard's National Pollution Funds Center (NPFC). The BOSS contract is for managerial support, project management, claims analysis expertise, and business process improvement. Claims analysis support includes claims investigation and cost documentation, claim adjudication, accounting and auditing, and engineering specialties and other technical and scientific areas that may be required by the NPFC. The five-year IDIQ contract is estimated at $2m.
