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.
|
|
Tuesday, 22 April 14
INDONESIAN MARCH COAL EXPORT VOLUME SURGE 9.12% TO 35.54 MMT
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.9 ...
Tuesday, 22 April 14
NEWCASTLE WEEKLY COAL EXPORTS FELL 13.33% THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 21 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 21 April 14
Q1'15 SUB-BIT FOB INDONESIA COAL SWAP SHOWING A POSITIVE TREND
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 21 April 14
Q4 2014 AND Q1 2015 COAL SWAPS CLOSED MARGINALLY HIGHER COMPARED TO Q2 PRICES
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 0.87 percent month on month and closed at US$ 76.15 per mt as ...
Monday, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners ...
|
|
|
Showing 3741 to 3745 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
|
| |
| |
|
