Skuld Committee meeting 14 June 2019

18 June 2019

At its meeting in St. Petersburg on 14 June 2019, 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 2018
The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2018/19 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 5 September 2019. The full accounts are available on the Skuld web site.

The Committee noted that the Association produced a positive technical result of USD 8 million and a net investment income of USD 3 million. The contingency reserve was reported at a record high of USD 453 million and Skuld had a combined ratio at 98%. This is the sixteenth consecutive year in which the Association has delivered positive underwriting results.

Review of 2016 Policy Year
The Committee endorsed the decision of the Board to recommend the closing of the 2016 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 to the Board:

Re-elected for a period of two years until 2021:
• Catherine Cheung
• Martin Larsen
• Ann-Marie Åström

Not up for election until 2020 and shall continue:
• Klaus Kjærulff
• Terje Hj Michelsen

The Committee also re-elected Mr Klaus Kjærulff as Chairman of the Board for a period of one year until 2020. 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
• Claus Spinding, employee representative
• TBA, employee representative

Yours faithfully,
Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)