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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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Wednesday, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should lim ...
Wednesday, 15 January 14
Q3 AND Q4 INDONESIAN COAL SWAPS DECLINE MONTH ON MONTH
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 1.23 pmt month on month on Friday 10 January 2014. T ...
Wednesday, 15 January 14
PANAMAX: PACIFIC - REMAINED QUIET; ATLANTIC - CONTINUED THEIR RETREAT
COALspot.com: The holiday hangover seems well underway for the Dry Bulk market that saw more ground being lost this past week. The BDI has closed of ...
Tuesday, 14 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL 18.28 %
COALspot.com: In the week ended January 13, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.67 ...
Monday, 13 January 14
INDONESIAN ORE BAN TO HAVE LIMITED IMPACT ON CHINESE ALUMINIUM PRODUCERS, FITCH RATINGS SAYS
COALspot.com: Fitch Ratings says today that Indonesia's ban on exports of unprocessed mineral ore will have limited impact on Chinese aluminium pro ...
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- Central Java Power - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
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- Wood Mackenzie - Singapore
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- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
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- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
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- Mercator Lines Limited - India
- Bangladesh Power Developement Board
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- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
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- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
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- Indogreen Group - Indonesia
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- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- The University of Queensland
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- Star Paper Mills Limited - India
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- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
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- Latin American Coal - Colombia
- Sojitz Corporation - Japan
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- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
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- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
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