Committee Circular 2023


Published: 19 June 2023

At its meeting at Four Seasons Resort and Residences, Napa Valley, California on 16 June 2023, the Committee was provided with an update from the management of the Association. The Committee noted the positive annual results coming from a successful renewal and low claims levels both on own account and reported pool claims. Skuld had attracted tonnage within strategically important shipping sectors and geographical markets. The Committee further noted the positive technical result of the Association, and that Skuld had a positive investment result even in a highly volatile financial market. Skuld continued to be in a financially strong position which was presented in the annual results as of 20 February 2023.


Financial Year 2022/23

The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2022/23 be adopted at the Annual General Meeting of the Association which will take place in Oslo on 14 September 2023. The full accounts are available on the Skuld web site.

The Committee noted that the Association had a technical result of USD 15 million as a result of the renewal and low number of reported pool claims. In addition, the net investment income was at a slight positive at USD 3 million. The contingency reserve was reported at USD 445 million, and the combined ratio was at 97%.

Review of 2020 Policy Year

The Committee endorsed the decision of the Board to recommend the closing of the 2020 policy year without further supplementary call at the Annual General Meeting.


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:

Elected to the Board of the Association for a period of two years until 2025 (current members of the Board of the Bermuda Association):

  • Gerard Patronis
  • Uta Urbaniak-Sage

Re-elected for a period of two years until 2025:

  • Catherine Cheung
  • Martin Larsen
  • Ann-Marie Åström

Not up for election until 2024 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 2024. Mr Martin Larsen and Mr Terje Hj Michelsen were re-elected as Vice-Chairmen of the Board for a period of one year until 2024.

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. The 2023 elections would be concluded at the end of June.

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

  • Klaus Kjærulff, Chairman
  • Martin Larsen, Vice Chairman
  • Terje Hj Michelsen, Vice Chairman
  • Catherine Cheung
  • Gerard Patronis
  • Uta Urbaniak-Sage
  • Ann-Mari Åström
  • TBD, employee representative
  • TBD, employee representative


Yours faithfully,

Ståle Hansen
President and CEO

Assuranceforeningen Skuld (Gjensidig)