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.
|
|
Friday, 07 March 14
US PRODUCED 19.4 MMST OF COAL IN PAST 7 DAYS, SAYS EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.4 million short tons (mmst) of coal in ...
Thursday, 06 March 14
PANAMAX MARKET IS STRUGGLING IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
The Handy/Supra market experienced a rate increase in the Pacific. The activity itself is not too big, but spot tonnage is clearing up and ow ...
Wednesday, 05 March 14
THE BIG BULKERS HAVE IN FACT WITNESSED SIGNIFICANT IMPROVEMENTS IN BOTH BASINS
The BDI continues to gain back some of the lost ground, although in reality there isn't a lot to celebrate abou ...
Wednesday, 05 March 14
LEAVE IT TO CAPES TO CHANGE THE DIRECTION OF THE DRY BULK MARKET - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
Leave it to Capes to change the direction of the Dry Bulk market. The big bulkers managed to drag the BDI ...
Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
|
|
|
Showing 3816 to 3820 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
|
| |
| |
|
