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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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Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
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- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Thai Mozambique Logistica
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Chamber of Mines of South Africa
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