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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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Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
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- Agrawal Coal Company - India
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- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
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- Indian Oil Corporation Limited
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- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
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- Savvy Resources Ltd - HongKong
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- Globalindo Alam Lestari - Indonesia
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- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
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- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
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