Skuld Committee meeting 11 June 2021


Published: 22 June 2021

At its meeting on 11 June 2021, 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 more than a year into the pandemic, Skuld continued to provide customer focused insurance solutions to its members and had maintained a high service level throughout the year. The Committee further noted that the claims environment had affected the technical result of the Association, however with a significant contribution from the investment portfolio Skuld had positive annual results as of 20 February 2021 and remains in a strong financial standing.

Financial Year 2020/21

The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2020/21 are adopted at the Annual General Meeting of the Association which will take place in Oslo on 2 September 2021. The full accounts are available on the Skuld website.

The Committee noted that the Association had a negative technical result of USD 30 million due to Covid-19 related claims and large pool claims. However, the negative underwriting result was balanced out by the net investment income of USD 61 million. The contingency reserve was reported at USD 459 million and the combined ratio was at 108%.

Review of 2018 Policy Year

The Committee endorsed the decision of the Board to recommend the closing of the 2018 policy year at the Annual General Meeting, despite the negative results of the policy year.


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 2023:

  • Catherine Cheung
  • Martin Larsen
  • Ann-Marie Åström

Not up for election until 2022 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 2022. Mr Martin Larsen and Mr Terje Hj Michelsen were elected as Vice-Chairmen of the Board for a period of one year until 2022.

The employee representatives of the Association, Ms Daria Avdeeva (Oslo office) and Mr Peter Bløcher (Copenhagen office) had been elected by the employees for a three-year period in June 2020.

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

  • Mr. Klaus Kjærulff, Chairman
  • Martin Larsen, Vice Chairman
  • Terje Hj Michelsen, Vice Chairman
  • Catherine Cheung
  • Ann-Mari Åström
  • Daria Avdeeva, employee representative
  • Peter Bløcher, employee representative

Yours faithfully,

Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)