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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, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
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