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.
|
|
Monday, 20 January 14
SUB-BIT INDONESIA COAL SWAP SEEN LOWER IN 2ND HALF OF 2014
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.78 pmt month on month on Friday 17 January 2014. T ...
Monday, 20 January 14
THE CFR SOUTH CHINA COAL MARKET APPEARS TO HAVE LOST DIRECTION
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 4.25 percept month on month and closed at US$ 79.48 per mt as ...
Sunday, 19 January 14
FREIGHT MARKETS SEE CONTINUED WEAK PERFORMANCE
COALspot.com: The market has continued to soften particularly in the far East/SE Asia sector.
The BDI was down 6 pct week on week, the index was ...
Friday, 17 January 14
US COAL PRODUCTION DOWN WEEK ON WEEK: EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.3 million short tons (mmst) of co ...
Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
|
|
|
Showing 3896 to 3900 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Planning Commission, India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
|
| |
| |
|
