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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Energy

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

16 Die in Coal Mine Accident in China

Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting

Salvage

Documentary Examines Shipbreaking Practices in Bangladesh

Toxic ships for Bangladesh: TV documentary on German ship owners and their shipbreaking practices A new documentary titled "Giftiger Tankerschrott für Bangladesch

Boater Rescued from Sailboat Blaze

The U.S. Coast Guard assisted with the rescue of a boater Monday after the man's 33-foot sailboat caught fire five miles west of Windmill Point in the Chesapeake Bay.

WWII Wrecks Found 30 Miles off US Coast

The wreck of a World War Two German U-boat and a freighter that sank 72 years ago have been discovered off the North Carolina coast by U.S. researchers, officials said.

Casualties

16 Die in Coal Mine Accident in China

Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting

USCG Monitoring Barge adrift in Beaufort Sea

U.S. Coast Guard personnel and Canadian federal agencies, including the Canadian coast guard, Transport Canada and Environment Canada, are monitoring a 134-foot

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Vessels

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

Navy to Commission Submarine North Dakota

The Navy will commission its newest attack submarine North Dakota, during a ceremony Saturday, Oct. 25, 2014, at Submarine Base New London in Groton, Connecticut.

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1056 sec (9 req/sec)