Circular

Skuld Committee meeting 12 June 2020

16 June 2020

At its meeting on 12 June 2020, the Committee was provided with an update from the management of the Association. The meeting was held as a video conference due to the Covid-19 situation. The Committee noted that Skuld had managed to maintain a high service level and operated with all business levels functioning well, even with the sudden global home office situation. The Committee further noted that the Association’s date for closing of the books was prior to the downturn of the market. Skuld had positive investment results as of 20 February 2020 and remains in a strong financial standing. The Committee was informed that Skuld’s platform at Lloyd’s, Syndicate 1897, had been sold to Riverstone Holdings Ltd with effect from 1 January 2020.

Financial Year 2019

The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2019/20 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 3 September 2020. The full accounts are available on the Skuld web site.

The Committee noted that the Association had a negative technical result of USD 35 million due to low premium rates and large claims. However, the negative underwriting result was balanced out by the net investment income of USD 55 million. The contingency reserve was reported at a record high of USD 466 million, while the combined ratio was at 109%.

Review of 2017 Policy Year

The Committee endorsed the decision of the Board to recommend the closing of the 2017 policy year at the Annual General Meeting, despite the negative results of the policy year.

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 2022:

  • Klaus Kjærulff
  • Terje Hj Michelsen

Not up for election until 2021 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 2021. 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 Åström
  • TBA, employee representative
  • TBA, employee representative

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