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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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Friday, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
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- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Marubeni Corporation - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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