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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, 30 March 14
FREIGHTS FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK - REDDY
COALspot.com: The freight market dropped drastically and all sectors were affected severely.
The BDI was down by 14.13 pct and closed at 1, ...
Friday, 28 March 14
US PRODUCED APPROXIMATELY 18.9 MMST IN A WEEK - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Friday, 28 March 14
CHINA'S ENVIRONMENTAL MEASURES WILL NOT CURB GROWTH IN DOMESTIC STEEL PRODUCTION AND SEABORNE IRON ORE - WOOD MACKENZIE SAYS
Steel plants in China have been targeted as a major source of the toxic smog enveloping Beijing and Shanghai. Emergency measures have been impos ...
Thursday, 27 March 14
PANAMAX : SEEMS TO HEAD FURTHER DOWN; CAPESIZE : ANOTHER CHOPPY AND UNPREDICTABLE WEEK - FEARNLEYS AS
Handy
A weaker sentiment for the smaller size as well, with reduced activity in the Atlantic where Owners have to face significantly lower ret ...
Wednesday, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
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- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
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