Growth for the Swedish Club
Friday, March 28, 2014
Lars Rhodin

The Swedish Club announced to its board today a significant increase in financial strength, with a positive underwriting outcome and investment earnings leading to a surplus of $17 million overall - a testament to the strategy of diversification and focused business development. This positive underwriting outcome resulted in a combined ratio of 93.5% with free reserves increasing to a record level of $168 million.

The year also saw an increase of 6% in Owners P&I entries, which now total 37 million GT. The Swedish Club’s total entry including Charterers Liability passed the 55 million GT mark, an overall rise of 8% compared with the previous twelve months.

This was coupled with notable growth in the Hull/Machinery insurance sector, with a continuing focus across the marine segment as a whole and diversification into the offshore sector during the second half of the year. This resulted in entries in the Marine business sector increasing from 1,500 to 2,000.

Lars Rhodin, Managing Director of The Swedish Club said, “The club took two major strategic decisions in 2013: to further reinforce its commitment to the Norwegian market and to take action to accelerate the uptake of Maritime Resource Management (MRM), which makes a significant contribution to the global drive to reduce large navigational claims arising from shortcomings in human behavior.

“We believe in the inherent value of diversification and in taking firm action on loss prevention, to address fundamental cause,” Rhodin added. “The club maintains its steady course and we are looking forward with confidence to further controlled growth in the year ahead. Our aim is to be the shipowner’s preferred choice on grounds of cost-effective service and added value. This requires consistency in our approach to risk, pricing, service and, in particular, claims response,” he concluded.

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

People & Company News

HII’s Petters Honored by Coast Guard Foundation

HII president and CEO Mike Petters honored at the Coast Guard Foundation’s Salute to the United States Coast Guard in New York   Mike Petters, president and CEO

AVEVA Upgrades Structural Steel Software

AVEVA has released new enhancements to its AVEVA Bocad product range for structural steel detailing software.   AVEVA Bocad features a plate and bar nesting capability

SAAM SMIT Towage Orders Damen ASD Tug

SAAM SMIT Towage, a joint venture between SAAM S.A. of Chile and Dutch company Royal Boskalis Westminster N.V., has signed a contract for the purchase of a Damen Tug 2913 for delivery in early 2016,


Saudi Shipper Bahri Q3 Net Profit Rises

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 501 percent increase in third-quarter net profit on Tuesday.

Noreco CEO Quits

Norwegian Energy Company ASA (Noreco) announces that Tommy Sundt is stepping down as CEO of Noreco ASA. Since joining Noreco in September 2014, Tommy Sundt

BSM Completes Global Management Program

Bibby Ship Management has successfully completed its second Global Management Programme which, it says, has helped to develop the management skills of all its


NYK Joanna Rescues Fishermen off Philippines Coast

On October 3, NYK Joanna, a containership operated by NYK, rescued seven fishermen in distress off the coast of the Philippines. While the NYK vessel was sailing on October 3 from Vungtau,

Value of Fire-damaged Vessel Disputed

Press release - International Transport Intermediaries Club (ITIC) has reported a case in which hull and machinery insurance underwriters instituted proceedings

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1383 sec (7 req/sec)