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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- White Energy Company Limited
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
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