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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, 12 January 14
THE FREIGHT MARKET CONTINUE TO REMAIN WEAK NEXT WEEK - SOLYM CARRIERS
Wish You A very Happy New Year
COALspot.com: The market has dropped quite a lot as expected due to holidays and probably also the effect of ban o ...
Friday, 10 January 14
DECISION ON ORE EXPORT BAN WILL BE MADE TOMORROW: INDUSTRY MINISTER, JG SAYS
Industry Minister M.S. Hidayat dismissed reports on Thursday that the government had made a decision on the matter. “We will only make a decis ...
Friday, 10 January 14
US COAL PRODUCTION UP 5.8% ON WEEK IN WEEK ENDED SATURDAY 4 JANUARY
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Thursday, 09 January 14
THE INDONESIAN GOVERNMENT EASES ORE EXPORT BAN
COALspot.com: The Indonesian government has finally agreed to ease the ore-export ban just a few days before the Sunday deadline amid protests from ...
Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
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- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
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