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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, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Australian Coal Association
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
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