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Frans Malmros News

23 Jun 2003

Rhodin Appointed Swedish Club Deputy Managing Director

Lars Rhodin has been appointed Deputy Managing Director of The Swedish Club. His appointment takes effect on September 1. Lars Rhodin, previously Director, Claims & Legal Support, will work alongside Managing Director Frans Malmros in implementing a new structure for the Club centred around five teams – three based in Gothenburg and the others in Piraeus and Hong Kong. The new organisation, headed by an Insurance Division, will be introduced from October 1. The Piraeus and Hong Kong teams will continue to be headed by Clas Rydén and Tord Nilsson respectively. The Leaders of the three Gothenburg teams have yet to be appointed. The Gothenburg teams will be organised on the broad basis of geographic zones of membership.

19 Jun 2003

Swedish Club Looks Forward to Balanced Result

The Swedish Club expects to achieve a balanced result by the end of this year. Frans Malmros, Managing Director, told members attending the Club’s AGM in Stockholm last week that “the picture looks pretty good” for 2003. In common with other major mutuals, The Swedish Club experienced a difficult 2001, with several years of weak market conditions compounded by a negative claims trend. The latter trend did not extend into 2002, however, and the market hardened. The Club’s USD 3.9 million loss for 2002 was much smaller than forecast. Furthermore, the Club has now completed its tenth year free of supplementary call. Frans Malmros said: “Our free reserves were strong and absorbed the losses. Today, our free reserves stand at USD 59 million and still exceed our claims reserves by 50 per cent.