Skuld: Results for the nine months ending 20 November 2011
Friday, 09 December 2011 | 00:00
Skuld, a leading maritime insurance provider, today announces results for the third quarter ending 20th November 2011. Highlights
• Underwriting surplus of USD 22.6 million (USD 25.8 million for the same period last year)
• Unbeaten track record nine years of underwriting surpluses
• Mutual membership base now standing at 66.7 million gross tonnes (GT)
• Defence income increased 40%
• Contingency reserves increase to USD 287.0 million
• S&P upgrade from ‘stable’ to ‘positive’
Douglas Jacobsohn, President and CEO, said: “Skuld is looking to continue its unbeaten track record of nine consecutive years of underwriting profit; the underwriting result at the third quarter stands at USD 22.6 million which is a USD 3.2 million reduction compared with the third quarter last year. Skuld is in good shape and well positioned for further growth both on P&I, Offshore and Skuld 1897. Our vision is clear, Skuld will be a world leading marine insurance provider through innovation, financial strength and the talents of our people and I am proud to say that we are clearly living that vision today.”
Premium income increased 13% since the third quarter last year. One of the main contributors to the continued growth was from the London market syndicate Skuld 1897 at Lloyd’s.
At the third quarter Skuld’s contingency reserves stood at record high USD 287 million – an improvement of USD 34 million compared with the third quarter last year.
Skuld has enhanced and improved its management team. As the business becomes more diversified, so the need for speed and efficiency becomes more apparent, and to embrace this the company has created a group management team of eight, including the appointments of Lars Dueled to Director P&I Operations and Karsten Sunde as Group General Counsel. Lars has been with Skuld since 1996 and was most recently Syndicate Leader in Oslo for Syndicate 1. Karsten comes from Gard where he was Vice President, Group Legal and will join Skuld on 1 March 2012.
Mr Jacobsohn added: “One of the main challenges for the mutual business is the churn effect. Fierce competition on new buildings pushes premium levels down while at the same time old vessels with more mature premium levels are being scrapped. Skuld has a clear approach of prudent underwriting in order to secure a balanced underwriting result for our mutual members.”
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