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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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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
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- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
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- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- The University of Queensland
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
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- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
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