Circular

Skuld Committee meeting 15 June 2018

At its meeting in Tokyo on 15 June 2018, the Committee was informed of the status of the Association and noted that, in challenging financial, shipping and insurance markets, the Association's strategy of diversification combined with strong underwriting discipline has been rewarded and the Association has consolidated its strong financial standing.

Financial Year 2017

The Financial Statements for the Association were reviewed and approved. The Committee recommended the Financial Statements for the financial year 2017 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 6 September 2018. The full accounts are available on the Skuld web site.

The Committee noted that the Association produced a positive technical result of USD 12 million and a net investment income of USD 46 million. After taking account of tax and a reservation of USD 10 million for the Members' Credit and the Member's Performance Bonus Programme, the balance carried to the contingency reserve is USD 48 million for the 2017 financial year. This brings the contingency reserve to USD 442 million. This is the fifteenth consecutive year in which the Association has delivered positive underwriting results, and the second-best result in Skuld's history.

Review of 2015 Policy Year

The Committee endorsed the decision of the Board to recommend the closing of the 2015 policy year at the Annual General Meeting.

Elections

Members of the Association's Board of Directors are elected by the Committee in accordance with Statute 1.5.2. The following were elected and re-elected to the Board:

Re-elected for a period of two years until 2020:

  • Klaus Kjærulff
  • Terje Hj Michelsen

Not up for election until 2019 and shall continue:

  • Catherine Cheung
  • Martin Larsen
  • Ann-Marie Åström

The Committee also re-elected Mr Klaus Kjærulff as Chairman of the Board for a period of one year until 2019. No Vice Chairman was elected.

After the elections, the Board of Assuranceforeningen Skuld (Gjensidig) comprises:

  • Mr. Klaus Kjærulff, Chairman
  • Catherine Cheung
  • Martin Larsen
  • Terje Hj Michelsen
  • Ann-Mari Aastrøm
  • Tor Christian Guttormsen, employee representative
  • Claus Spinding, employee representative

 

Yours faithfully,
Ståle Hansen
President and CEO

Assuranceforeningen Skuld (Gjensidig)