About

Assuranceforeningen Skuld is a leading marine insurer providing Protection and Indemnity (P&I) and Defence cover to shipowners and charterers all over the world.

The purpose of the association is “mutual insurance against liabilities and losses incurred by members in direct connection with the operation of the entered vessels”.

A competitive service provider
In addition to its head office in Oslo, Skuld has offices in Bergen, Copenhagen, Hamburg, Hong Kong, Moscow, New York and Piraeus. A dedicated staff and an extensive network of correspondents make Skuld a competitive service provider who will always go the extra mile for its members.  

A mutual association
As a mutual association, the club is owned and controlled directly by its members. Established in 1897 in Oslo, Norway, some 40% of the tonnage entered continues to be Scandinavian-controlled, reflecting the club’s traditional balance between Scandinavian and non-Scandinavian business. Other big markets are Western European countries, Russia, Singapore, China including Hong Kong and the United States. Greece and Asia are perceived as key growth areas.

Skuld is one of thirteen members of the International Group of P&I Associations that work closely together in reinsurance and industry matters of common interest. The International Group insures approximately 90% of the world’s merchant fleet.

A club for the future
As the millennium turned, the marine insurance industry faced insufficient premium levels. As a medium-sized club, Skuld responded to the challenge with a clear strategy: A major restructuring, strong emphasis on costs, member selection and pricing and reserve building - while still meeting the needs of its members. A dedicated staff and a lot of hard work have made these efforts successful.

We are now seeing the results: a positive balance, a positive technical result, higher reserves and not least, an improved Standard & Poor rating to A-; outlook stable. Skuld is better prepared than ever to help members mitigate the many risks facing them in a constantly more complex business environment.

A name for the future
Where does the name Skuld come from? Norse mythology has several powerful goddesses, including the “nornes” who weave the threads of destiny. Urd represents the past and Verdande the present. We prefer Skuld, because she represents the future.