The Swedish Club Returns Strong Performance

Posted by Michelle Howard
Friday, June 13, 2014
Lars Rhodin, Managing Director Swedish Club

“Last year was a good year for the club with results showing a positive return on investment and a very good contribution from the underwriting side,” said Lars Rhodin, The Swedish Club’s Managing Director, during his address to the Club’s 142nd AGM in Gothenburg on June 12.

He added: “We had a strong operating performance, returning a surplus of $17m, and we saw further diversification within marine and energy with planned growth in all sectors.”

During the year, the Club reinforced its office in Norway, decided to offer its Maritime Resource Management (MRM) program free of charge to members and saw its free reserves rise to a historically high level of $168m.

Lars Rhodin told members attending the AGM that the results were the combination of four factors: “First of all we had a benign claims year; then we saw the effects of diversification over many products in different business areas and we also had a strong marine operating performance with a very good combined ratio. The way we transfer risk today means the Club takes more risk, enabling us to conserve the upside.”

The Swedish Club’s Managing Director also underlined the importance of the Club’s future growth strategy. He said: “Growth is important and our goal is to grow a bit more than the market. In P&I we have grown by 50% over the past four years, against a growth in the world fleet of 30%. In H&M we have increased the number of units we insure from 1,500 to 2,000. Part of this is regular growth and part is the addition of more offshore service vessels which we have entered in through our regional offices.”

Lars Rhodin also pointed to the strong contribution that came from the underwriting side. He added:  “We saw a total net combined ratio of 93% which was made up from a net combined ratio in Marine of 67%; a net combined ratio in Energy of 84%; net combined ratio in P&I of 112% — which is acceptable under the circumstances — and a net combined ratio in FD&D of 81%.

“In terms of our underwriting result, we saw a contribution of $15.8m from Marine and $1.2m from Energy but we had a $5.2m deficit from the P&I side with a surplus of $1.3m from FD&D,” he said.

While claims frequency may have been up a little, the size of the average claim fell in P&I. There was a rise in cargo and injury claims last year, members were told.

 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Energy

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

Salvage

Study Targets Improved Subsea Mattress Salvage

Subsea mattress research announced at decommissioning event   Independent multi-discipline subsea engineering and training firm Jee Ltd. has completed a contract with Decom North Sea (DNS),

6,000 Gallons of Diesel Spilt in Alaskan Gulf

Unified Command responding to cleanup aboard vessel in Seldovia, Alaska   A Unified Command consisting of representatives from the U.S. Coast Guard, U.S. Department of the Interior,

US Orders Owner to Clean Up Ruptured Pipeline

Federal order ensures continued action on Santa Barbara County oil spill   The U.S. Environmental Protection Agency and the U.S. Coast Guard issued a joint federal

Casualties

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

World Refugee Crisis to Worsen with Climate Change

A historic 52 million people are fleeing conflict worldwide, a trend that will intensify over the next two decades because of climate change, International Rescue

Thailand: 300 "boat people" Landed in Recent Weeks

Around 300 "boat people" have landed on Thailand's shores in recent weeks, Sek Wannamethee, director-general of the information department at Thailand's Foreign Ministry, said on Friday.

Vessels

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

Unicom Selects the Ecochlor BWTS for 10 Tankers

Ecochlor, Inc. announced that Unicom Management Services (Cyprus) Ltd. (Unicom), acting for SCF Group, signed a 10-vessel agreement for the Ecochlor Ballast Water Treatment System (BWTS) in Limassol,

Crowley to Manage 4 Jones Act Ships for Pasha

Crowley Maritime Corp.’s ship management group has been awarded a new contract with Sunrise Operations LLC, a subsidiary of The Pasha Group, of San Rafael, Calif.

Insurance

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

Norwegian Hull Club CEO Stepping Down

John Wiik to step down as CEO of Norwegian Hull Club, passing the reins to Faz Peermohamed   The Norwegian Hull Club announced that John Wiik will step down as CEO on January 1, 2016.

VIKING’s Top Safety Offerings at Nor-Shipping

Marine safety equipment leader VIKING Life-Saving Equipment will appear in force at Nor-Shipping 2015, displaying both innovative products and services that

P&I Clubs

Norwegian Hull Club CEO Stepping Down

John Wiik to step down as CEO of Norwegian Hull Club, passing the reins to Faz Peermohamed   The Norwegian Hull Club announced that John Wiik will step down as CEO on January 1, 2016.

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2406 sec (4 req/sec)