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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, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
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- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
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- Ceylon Electricity Board - Sri Lanka
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- GMR Energy Limited - India
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- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
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- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
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- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
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- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Economic Council, Georgia
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- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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