Circular to all members
At its meeting at Sardinia, Italy on 13 June 2025, the Committee was provided with an update from the management of the Association. The Committee noted that the annual results were affected by a year with a high number of large claims both on own account and reported pool claims. The high investment return and significant growth from the renewal and committed tonnage contributed to a positive bottom-line result. Skuld has continued the growth journey with strategic initiatives and is gaining ground in important shipping sectors and geographical markets. Skuld continues to be in a financially strong position which was presented in the annual results as of 20 February 2025.
Financial year 2024/25
The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2024/25 be adopted at the Annual General Meeting of the Association which will take place in Oslo on 4 September 2025. The full accounts are available on the Skuld web site.
The Committee noted that the Association had a negative technical result due to the large claims environment and the gross combined ratio was above 100%. The contingency reserve was reported at USD 562 million and the investment return was at 7.3%.
Review of 2022 policy year
The Committee endorsed the decision of the Board to recommend the closing of the 2022 policy year without further supplementary call at the Annual General Meeting.
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 2027:
- Martin Larsen
- Ann-Marie Åström
Re-elected for a period of one year until 2026:
- Catherine Cheung
- Gerard Patronis
- Uta Urbaniak-Sage
Not up for election until 2026 and shall continue:
- Klaus Kjærulff
- Terje Hj Michelsen
The Committee also re-elected Mr Klaus Kjærulff as Chair of the Board for a period of one year until 2026. Mr Martin Larsen and Mr Terje Hj Michelsen were re-elected as Vice-Chairs of the Board for a period of one year until 2026.
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)