Skuld Member Circular, 17 March 2023


Published: 17 March 2023

The Skuld board of directors met in London on 16 March 2023 to review the outcome of the recent 2023/24 P&I renewals, as well as preliminary accounts for the financial year ending 20 February 2023.

The board noted a very successful renewal for Skuld in all product lines. Total premium income for 2023 is expected to be considerably more than USD 500 million, achieving another milestone in Skuld's growth strategy. The board was pleased to note that Skuld is well capitalised and financially robust, ensuring continued growth ambitions for the coming year, supported by the 'A' rating from Standard and Poor's.

Furthermore, the board also noted an expected strong bottom-line result for 2022/23, despite a highly volatile year, with an overall combined ratio well below 100%.

Ståle Hansen, Skuld president and CEO, said: "We are very pleased with the outcome of our diversification strategy and the forecast annual result. In a highly competitive and volatile market size does matter and accordingly our comprehensive product and service offering is benefitting our membership. We will continue our strategic focus on high-quality tonnage combined with sustainable growth in the coming years, maintaining our position as a world leading marine insurance provider."

"Reflecting on the past year, I would like to extend my gratitude to everyone joining us last year in celebrating our 125th anniversary, the outstanding teamwork across all our offices and the remarkable collaboration between the board and the Skuld management, in achieving our targets. Rest assured, we stand strong and ready to serve our members, clients, and brokers in the years to come."

Skuld is set to launch its detailed reporting of the 2022/23 financial accounts, combined with progress on key sustainability activities, in mid-May.