Circular to all members
At its meeting in Copenhagen, Denmark on 12 June 2026, the Committee was provided with an update from the management of the Association. The Committee noted the positive annual results generated from high investment return and a benign claims year. There was further a significant growth from the renewal and committed tonnage contributing to the strong bottom-line result. Skuld has maintained its growth momentum through strategic initiatives and is strengthening its position in key shipping sectors and geographic markets. Skuld also remains in a strong financial position, as reflected in the annual results as of 20 February 2026.
Financial Year 2025/26
The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2025/26 be adopted at the Annual General Meeting of the Association which will take place in Oslo on 3 September 2026. The full accounts are available on the Skuld web site.
The Committee noted that the Association had a strong technical result and the net combined ratio was 96%. The contingency reserve was reported at USD 659 million and the investment return was at 8.7%.
Review of 2023 Policy Year
The Committee endorsed the decision of the Board to recommend the closing of the 2023 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 2028:
• Terje Hj Michelsen
• Gerard Patronis
• Uta Urbaniak-Sage
Elected as new Board members for a one year period until 2027:
• Byoungil Kang
• Corinne Vintner
Retiring from the Board:
• Klaus Kjærulff
• Catherine Cheung
Not up for election until 2027 and shall continue:
• Martin Larsen
• Ann-Marie Åström
The Committee also elected Mr Martin Larsen as Chair of the Board for a period of one year until 2027. Mr Terje Hj Michelsen was re-elected as Vice-Chair of the Board for a period of one year until 2027.
Board of Directors of Assuranceforeningen Skuld (Gjensidig) as of 3 September 2026:
• Martin Larsen, Chair of the Board
• Terje Hj Michelsen, Vice Chair of the Board
• Byoungil Kang
• Gerard Patronis
• Uta Urbaniak-Sage
• Corinne Vintner
• Ann-Mari Åström
• Zoe Benfold, employee representative
• Zachary W Simon, employee representative
Yours faithfully,
Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)