Growth for the Swedish Club

MarineLink.com
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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Training, Mentoring and Assessment On Board

Videotel has launched a new edition of its Training, Mentoring and Assessment On Board program which supports the IMO requirement for a standardization of training

Deep Sea Mooring Wins Contract with Repsol

Global energy company Repsol has selected Deep Sea Mooring (DSM) to provide a range of mooring services for their drilling operations on the Norwegian Continental Shelf.

Statoil: New Compressor Means Heightened Production

The new compressor in operation on the Kvitebjørn field in the North Sea from 17 September will increase production there by 220 million barrels of oil equivalent

Finance

Statoil: New Compressor Means Heightened Production

The new compressor in operation on the Kvitebjørn field in the North Sea from 17 September will increase production there by 220 million barrels of oil equivalent

India's Coal Imports Causing Port Congestion

Congestion at Paradip expected to ease in a week if rains stop; higher-than-usual congestion at some other ports too. Indian power and steel companies are importing

Short-Term Perils of Lower Oil Prices: DW Monday

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya,

Insurance

XL Group Underwriters at IUMI Conference in Hong Kong

XL Group informs that its leading marine underwriters will join the annual International Union of Marine Insurance (IUMI) conference, the first time to be held

RRI Launch Marine Services J/V with a Trans-Atlantic Reach

Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings.

3rd India Ship Recycling Conference Set to be a Big Draw

Delegate registeration for the 3rd India Ship Recycling Conference is going on at a hot pace with a lot of interest having generated with the new Indian Government

P&I Clubs

US Pollution Risks: Federal & State Summaries

The US Pollution Risks publication, recently published for its members by the UK P&I Club, compiles summaries of all the Federal and state requirements on liability,

Arctic Shipping Routes: P&I Insurance FAQs

The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil 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: 0.1575 sec (6 req/sec)