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Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
 In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in many ways, marked by continuity; in terms of premium growth, further diversification into new products and geographical areas and above all, a robust bottom line result of USD 29 million at the end of the year.
The solid premium growth and positive technical result Skuld delivered in 2013 was in line with our long-term strategy. Controlled growth has earned Skuld a clean ‘A’ rating, an important validation to our financial strength.
During 2013, we saw growth from current members, reflecting signs of recovery in the shipping sector. Skuld also harvested from geographical investments, in particular Singapore and the offshore market, and commercial operations delivered a significant growth in line with Skuld’s plans. In total, we recorded USD 379 million in premium, which represents a solid 19% increase from the year before. At the end of th year, our contingency reserves stood at a new record level of USD 335 million.
With regards to claims, 2013 was a good year and Skuld members did not have any pool claims. This is partly due to Skuld’s disciplined underwriting philosophy and the work that Skuld’s risk management has done in preventing losses. However, when it comes to claims, there will often also be an element of coincidence. We focus on attracting and retaining quality tonnage and building a close collaboration with members and clients to ensure that we can provide the best possible tools to manage risks. With the premium growth in 2013, Skuld is on track to reach its goal of USD 500 million in written premium in 2015.
COMMERCIAL OPERATIONS TO SUPPORT THE MUTUALITY
Commercial operations, Skuld 1897 in particular, play a key role in Skuld’s growth strategy. Our offering to charterers and offshore has been profitable from the beginning, and with further growth, our Lloyd’s syndicate will contribute to the bottom line. By 2020, we expect commercial operations to deliver half of Skuld’s premium income. In 2013 we expanded our product portfolio with fixed premium P&I and yacht insurances. We also established Skuld Claims Services; our Hull and Machinery claims lead handling. Further diversification is on Skuld’s agenda also going forward.
A STRONG AND UNIFIED SKULD
Skuld has come a long way from a Scandinavian P&I club. Today we’re a truly global marine insurer that is in a position to offer members and clients with a wide range of insurance covers, robust financial security and continued first-class service. We are larger than ever, but at the same time we are more unified. Strong focus on member and client needs is evident across the organisation – from the management team to claims handlers and support functions. We have invested in our people to ensure continued quality and availability of our services. After all, our business is all about people.
CONTINUING TO SUPPORT OUR MEMBERS’ AND CLIENTS’ NEEDS
Diversification has brought many new members and clients to Skuld. To meet the different segments’ varying needs and the increasing demand for digital services, we will be introducing new targeted digital publications and information services. We will also introduce enhanced online services that make cover and claims information available 24 hours a day.
In April, I was pleased to share the news that Skuld’s chief financial officer Ståle Hansen will take over the role of Skuld CEO in February 2015 as I move into a new position as executive board member. In essence, these changes are about ensuring seamless continuity.
A strong financial position, growth from commercial operations at the core of our strategy and innovation in services will remain as key objectives for Skuld’s leadership.
In 2013, Skuld continued its growth and expansion in a challenging underwriting environment. A combined ratio of 99% and a positive bottom line of USD 29 million is a good result in the current market – it underlines that expanding Skuld’s product portfolio into commercial areas was the right strategy for Skuld and its members.
It’s still early days for Skuld 1897, but I’m pleased to see that premium income for the Lloyd’s syndicate is developing according to plan. The value of Skuld’s commercial operations to our members goes beyond increased financial strength: a wider range of insurance covers has been welcomed by our members and clients.
Skuld Offshore continued its impressive growth in 2013. Skuld’s offering to the offshore arena has been welcomed by both leading and growing, specialised companies. Skuld Offshore has, over the last years, built a strong position through its passion for service and high level of competence.
EXCELLENT RESULTS
In late 2012 we expanded our platform in Asia by opening an office in Singapore. The expansion is already generating excellent results. Our members and clients in Asia have welcomed access to local service in addition to our global services available around the clock.
We see that an increasing number of P&I clubs are pursuing diversification to ensure their financial stability. All thirteen International Group clubs are facing the same challenges; Solvency II brings many changes and a range of regulatory requirements. Meeting these requirements calls for solid finances and some clubs will likely seek to strengthen their position by joining forces. In terms of financial robustness, Skuld stands out as one of the strongest. Reliability is important to our members, and with further growth we can preserve that.
A PASSION FOR SERVICE
In terms of service, I have been particularly pleased to see that as Skuld has grown, the Skuld culture has become stronger than ever. I’m confident that the customer focus is unique; all Skuld employees want to do the best they can to help members and clients. The global Skuld team shares a passion for service. Direct feedback from our members and clients assures me that the hands-on, dedicated service we provide is much appreciated. Our members know that when they need support from Skuld, the team is available at any time of day to provide legal, technical or commercial advice.
ALIGNMENT FOR STRATEGIC GOALS
I’m also happy to see that there is a very strong alignment across the Skuld management team, board and committee. Everyone is committed to working towards the same strategic goals. This level of alignment makes Skuld strong, and with the financial robustness we have achieved through disciplined growth, Skuld truly stands out among its competitors.
Skuld represents service, competence and reliability. In this spirit, the Skuld board was pleased to appoint Ståle Hansen as the new CEO from the beginning of February 2015. With Ståle’s strong commercial drive and commitment to financial strength, Skuld is well positioned to reach the growth targets the board and committee have set for the company.
Source: Skuld / Hellenic Shipping
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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
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- Gujarat Sidhee Cement - India
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- Siam City Cement PLC, Thailand
- Parliament of New Zealand
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- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
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- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
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- The State Trading Corporation of India Ltd
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- Romanian Commodities Exchange
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- IHS Mccloskey Coal Group - USA
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- Global Business Power Corporation, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
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- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
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- European Bulk Services B.V. - Netherlands
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- Electricity Authority, New Zealand
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- Cement Manufacturers Association - India
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- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
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- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
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- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- White Energy Company Limited
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- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
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- Maheswari Brothers Coal Limited - India
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- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
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- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
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