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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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Saturday, 08 March 14
LETTERS OF INDEMNITY - SKULD
KNOWLEDGE TO ELEVATE
In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying ...
Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping ...
Friday, 07 March 14
RBCT, WORLD'S LARGEST COAL EXPORTING TERMINAL SHIPPED 1.78% LESS COAL MONTH ON MONTH
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 4.487 million tons of ...
Friday, 07 March 14
INDONESIA SHIPPED 7% LESS COAL IN JANUARY 2014 COMPARED TO ITS DECEMBER EXPORTS
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $1.8* billion ...
Friday, 07 March 14
INDONESIA TO PRODUCE 421 MMT OF COAL IN 2014
Coalspot.com: Indonesia finally agreed to increased 2014 coal output by as much as 6 percent to 421 million metric tons from its previous plan, a se ...
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- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
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- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Orica Mining Services - Indonesia
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- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
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- Standard Chartered Bank - UAE
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- PetroVietnam Power Coal Import and Supply Company
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- India Bulls Power Limited - India
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- Singapore Mercantile Exchange
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- Global Green Power PLC Corporation, Philippines
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- Heidelberg Cement - Germany
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- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
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- Wilmar Investment Holdings
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- Interocean Group of Companies - India
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- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
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- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
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- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
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- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
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- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
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- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
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