Committee Circular 2024


Published: 17 June 2024

At its meeting at The Sofitel Sentosa Singapore on 14 June 2024, the Committee was provided with an update from the management of the Association. The Committee noted the exceptional positive annual results stemming from a successful renewal and committing tonnage and an unusual benign claims level both on own account and reported pool claims. Skuld has continued the growth journey with strategic initiatives in important shipping sectors and geographical markets. The Committee further noted the positive technical result of the Association and an impressive investment result. Skuld continued to be in a financially strong position which was presented in the annual results as of 20 February 2024.

Financial Year 2023/24

The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2023/24 be adopted at the Annual General Meeting of the Association which will take place in Oslo on 12 September 2024. The full accounts are available on the Skuld web site.

The Committee noted that the Association had a technical result of USD 60 million as a result of the renewal and low number of reported pool claims. In addition, the net investment income was at USD 74 million. The contingency reserve was reported at USD 551 million, and the combined ratio was at a record low of 86%.

Review of 2021 Policy Year

The Committee endorsed the decision of the Board to recommend the closing of the 2021 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:

Re-elected for a period of two years until 2026:

  • Klaus Kjærulff
  • Terje Hj Michelsen

Not up for election until 2025 and shall continue:

  • Catherine Cheung
  • Martin Larsen
  • Gerard Patronis
  • Uta Urbaniak-Sage
  • Ann-Marie Åström

The Committee also re-elected Mr Klaus Kjærulff as Chair of the Board for a period of one year until 2025. Mr Martin Larsen and Mr Terje Hj Michelsen were re-elected as Vice-Chairs of the Board for a period of one year until 2025.

The employee representatives of the Association, Ms Daria Avdeeva (Oslo office) and Mr Morten Bjerregaard (Copenhagen office) were elected by the employees for a three-year period in June 2023.

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

  • Klaus Kjærulff, Chair of the Board
  • Martin Larsen, Vice-Chair of the Board
  • Terje Hj Michelsen, Vice-Chair of the Board
  • Catherine Cheung
  • Gerard Patronis
  • Uta Urbaniak-Sage
  • Ann-Mari Åström
  • Daria Avdeeva, employee representative
  • Morten Bjerregaard, employee representative


Yours faithfully,

Ståle Hansen
President and CEO

Assuranceforeningen Skuld (Gjensidig)