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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Planning Commission, India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
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