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

Finance

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

EU to Help Italy Cope with Boat Migrants

The European Commission said on Wednesday it would launch an EU version of Italy's sea rescue operation to help it deal with the droves of migrants crossing the

Governors Write Obama for Mississippi River Funding

Governors seek President Obama’s support for upper Mississippi River commercial navigation locks and ecosystem The Governors of the five Upper Mississippi River States of Illinois,

Energy

Livanos Becomes Euronav Chairman

On 22 July 2014, the Board of Directors of Euronav NV unanimously appointed Peter G. Livanos as Chairman of the Board, with immediate effect in replacement of Marc

Scottish Independence Would Hurt Maritime Sector

A vote for independence from the U.K. would have a negative effect on the Scottish shipping and offshore maritime sector, according to a survey by leading international

Report: Ports Lack Maintenance Support

The latest Barometer Report from Trelleborg has revealed a huge gap in the maintenance requirements of port owners and operators, and the support that suppliers are able to provide.

Salvage

MN 100: Donjon Marine Co., Inc.

100 Central Avenue Hillside, New Jersey 07205 Tel: (908) 964-8812  Email: info@donjon.com Website: www.donjon.com President & CEO: J. Arnold Witte The Company: Donjon Marine Co.

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Two Rescued from Disabled Boat near Niagara Falls

The U.S. Coast Guard (USCG ) rescued two people from a disabled boat near Niagara Falls late Monday night. At about 9:15 p.m., a search-and-rescue (SAR) coordinator from USCG Sector Buffalo,

Casualties

EU to Help Italy Cope with Boat Migrants

The European Commission said on Wednesday it would launch an EU version of Italy's sea rescue operation to help it deal with the droves of migrants crossing the

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Pine Galaxy Expected to Arrive in San Francisco Today

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Vessels

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

MacGregor Wins Stena RoRo Conversion Job

MacGregor, part of Cargotec, has received a contract from Stena North Sea Ltd. to convert the 29,800gt RoPax ferry Dieppe Seaways to optimize it for its new route

First N.American Boat Powered by Volvo Penta IPS

Thomas Paine, the new 50-ft. aluminum patrol boat that joined the Massachusetts Environmental Police fleet in July, is the first commercial vessel in North America

Insurance

Panama Canal: The Billion Dollar Challenge

Panama Canal expansion will cost operators, insurers As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Maersk Line Still the Leading Carrier on Reliability in Q2

During the second quarter, the overall industry reliability has improved. However, Maersk Line is pleased to have improved their performance so that they can

P&I Clubs

Pine Galaxy to Arrive SF Bay Wednesday

The disabled mixed-products tanker Pine Galaxy is expected to arrive in San Francisco Wednesday morning. The ship is being towed by commercial tug to San Francisco Bay.

Ballast Water Management: California Update

The California State Lands Commission (CSL) has promulgated a letter to clarify its interpretation of existing ballast water requirements under the California's

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1487 sec (7 req/sec)