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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

Insurance

ICS Criticises 'Prestige’ Judgement by Spanish Court

At a meeting of the International Oil Pollution Compensation Funds (IOPCF) this week, the International Chamber of Shipping (ICS) has strongly criticised the judgement

Dangers Arising from Carriage of Indonesian Coal

The London P&I Club has issued a warning about continued problems associated with the carriage of Indonesian thermal or ‘steam’ coal, following a number of recent

ExxonMobil Starts Production at Point Thomson

ExxonMobil said today it has started production at its Point Thomson project, the first company-operated project on Alaska’s North Slope. Central pad facilities

P&I Clubs

Dangers Arising from Carriage of Indonesian Coal

The London P&I Club has issued a warning about continued problems associated with the carriage of Indonesian thermal or ‘steam’ coal, following a number of recent

North P&I Suggests Owners Join the CSO Alliance

North P&I Club has partnered with CSO Alliance, an online community of maritime company security officers (CSOs), to encourage its members to join and take part

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Shipbuilding / Vessel Construction 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: 0.0873 sec (11 req/sec)