We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
|
|
|
Showing 3616 to 3620 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- The University of Queensland
- Georgia Ports Authority, United States
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
|
| |
| |
|
