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.
|
|
Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
Monday, 10 February 14
Q1 2015, API 8 CFR SOUTH CHINA COAL SWAP CLOSED AROUND $ 2 HIGHER THAN Q2 14 PRICE
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 2.61 percent month on month and closed at US$ 77.28 per mt as on Frid ...
|
|
|
Showing 3856 to 3860 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Planning Commission, India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
|
| |
| |
|
