Lars Rhodin News

Lars Rhodin, will retire as managing director of The Swedish Club, ffective January 1, 2023.Rhodin first joined The Swedish Club in 1986 and has spent 15 years at the helm. During that time, he spearheaded a period of considerable growth for the Club, successfully steering it through challenges and overseeing the opening of three new offices in Oslo, London and, the latest, in Singapore.“Since I joined the Club in 1986, I have been part of a family,” Rhodin  said. “The shipping industry is unique and It’s an exciting business…

The mutual marine insurance company Sveriges Angfartygs Assurans Forening (The Swedish Club) has announced a zero per cent general increase for the forthcoming P&I year for the fourth year in succession.The decision was made by the Club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point.“At the same time, we must balance this with the fact that we have seen premium erosion for a number of years, to the extent there is a danger of the formula becoming unworkable.

In a move designed to support owners in difficult trading conditions, for the second year running The Swedish Club has announced a zero percent general increase for the up-coming P&I renewals 2017-2018. Speaking at the Club’s Board meeting in Bangkok, Lars Rhodin, Managing Director of The Swedish Club, said that entered tonnage on the P&I side of the business was sustaining controlled growth, a continued appreciation from the Club’s members for the zero general increase previously declared for 2016/2017.

The Swedish Club reported to its board today that it has achieved a consistent 2015 underwriting performance with financial stability and cost-efficient quality services for its members. It delivered a balanced underwriting result, despite higher claims activity and increased volatility, and demonstrated a resilience that is underpinned by diversification in its product lines, based on prudent management, the Club announced. The year began with a series of major casualties, including total losses which were far beyond what could be expected in terms of probability. However, the Club closed the year with a combined ratio of 99 percent. The challenge was on the investment side, particularly given the turbulent period in the autumn which was led by sharp equity falls in Shanghai and Shenzhen.

The Swedish Club has announced a zero percent General Increase for 2016, in a move which supports the continued balanced approach adopted by the Club considering the state of the global shipping market. At the Club’s Board Meeting in London, Lars Rhodin, Managing Director of The Swedish Club, said the Club witnessed better than expected growth in P&I tonnage with the P&I book now standing at 66 million GT including charterers’ entries. “We see this as a vote of confidence going forward,” he told Board members. Volumes in Marine were slightly up, albeit with improved distribution of exposure. Rhodin said the volatile start seen on the claims side in the first six months of the year has since abated with the combined ratio now close to 100 percent.

The Swedish Club has announced a zero per cent General Increase for 2016, in a move which supports the continued balanced approach adopted by the Club considering the state of the global shipping. At the Club’s Board Meeting in London, Lars Rhodin, Managing Director of The Swedish Club, said the Club witnessed better than expected growth in P&I tonnage with the P&I book now standing at 66 million GT including charterers’ entries. “We see this as a vote of confidence going forward,” he told Board members. Volumes in Marine were slightly up, albeit with improved distribution of exposure. Mr Rhodin said the volatile start seen on the claims side in the first six months of the year has since abated with the combined ratio now close to 100%.

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year.

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the fi­nancial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environ­ment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year. This operating result was strong given the claims experience and on-going market conditions, with the Club recording an overall surplus of USD 18.4 million while free reserves reached USD 186 million.

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of the new accounting year with an overall surplus of $10.3 million, this outcome being largely a result of continued positive underwriting performance in a benign claims environment for the club and its members, as well as from a stable investment return. At June 30, 2014, the club showed a net combined ratio of 93% and free reserves level reaching $178 million. The club’s investment portfolio generated a return of 3.15% against a benchmark of 2.46%. Standard & Poor’s revised its assessment of the club’s capital and earnings from “moderately strong” to “sStrong”…

“Last year was a good year for the club with results showing a positive return on investment and a very good contribution from the underwriting side,” said Lars Rhodin, The Swedish Club’s Managing Director, during his address to the Club’s 142nd AGM in Gothenburg on June 12. During the year, the Club reinforced its office in Norway, decided to offer its Maritime Resource Management (MRM) program free of charge to members and saw its free reserves rise to a historically high level of $168m.

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 has underlined its commitment to improving the safety culture in the maritime industry by allowing all member companies, whether lead hull or P&I, to sign up to its Maritime Resource Management (MRM) course free for a period of two years. The move, which will take effect from January 1, 2014, is part of the club’s keenness to give all member companies the opportunity to have the right training procedures in place to help in the fight to prevent the unpredictable casualties that are so often related to human and organizational errors.

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.