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

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Insurance

Maritime Casualty Forum Held in Singapore

More than 250 shipping and insurance professionals gathered for the first ever Asian Maritime Casualty Forum held during Singapore Maritime Week.   The two-day conference,

GOST System Tracks Stolen Boat in Abacos

GOST (Global Ocean Security Technologies), celebrating its 10th year as a world leader in marine security, tracking, monitoring and video surveillance systems,

‘Beware the Big Ship Hype’ -TT Club

TT Club’s Phillip Emmanuel has put into perspective some of the “sensationalism” surrounding the recent growth trend in containerships. Speaking during a plenary

P&I Clubs

Maritime Casualty Forum Held in Singapore

More than 250 shipping and insurance professionals gathered for the first ever Asian Maritime Casualty Forum held during Singapore Maritime Week.   The two-day conference,

‘Beware the Big Ship Hype’ -TT Club

TT Club’s Phillip Emmanuel has put into perspective some of the “sensationalism” surrounding the recent growth trend in containerships. Speaking during a plenary

Bulk Carrier in St. Lawrence Seaway Refloated

Vessel previously grounded in St. Lawrence Seaway refloated, navigational channel open. The vessel ran hard aground after suffering a steering casualty, and at

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
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: 0.2360 sec (4 req/sec)