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.
|
|
Tuesday, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
Monday, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
|
|
|
Showing 3881 to 3885 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
|
| |
| |
|
