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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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Tuesday, 29 April 14
NEWCASTLE SHIPPED 3.03 MILLION TONS WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 28 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Tuesday, 29 April 14
Q2 API 8 CFR SOUTH CHINA COAL SWAP LOST 0.29% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 0.29 percent month on month and closed at US$ 75.43 per mt as o ...
Monday, 28 April 14
CHINA LIKELY TO FALL SHORT OF NUCLEAR POWER TARGETS AT 175GW OF CAPACITY BY 2030 - WOOD MACKENZIE
Coal will remain dominant supply at 64% of power mix
Wood Mackenzie forecasts that China will not meet its environmentally-driven, government ...
Sunday, 27 April 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK
COALspot.com: The freight market seems to have bottomed out and saw some marginal gains in all segments, said Capt. Reddy of Vistaar Shipping In ...
Friday, 25 April 14
US PRODUCED APPROXIMATELY 19 MILLION SHORT TONS OF COAL IN A WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Planning Commission, India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- MS Steel International - UAE
- The University of Queensland
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
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