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.
|
|
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
Thursday, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
|
|
|
Showing 3661 to 3665 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
|
| |
| |
|
