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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- The University of Queensland
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
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