Skuld today announced 13% premium growth following P&I renewals which were completed yesterday.
The outcome of the 20 February 2014 P&I renewal demonstrates that Skuld is harvesting from its geographical investments and expansion of the product-portfolio. The company gained a significant amount of new business in the Far East, especially in China and Singapore, where Skuld established an office in 2012. Skuld also recorded solid growth in the Scandinavian and US markets.
During the policy year ending 20 February 2014, Skuld continued to execute its strategic growth plan with the launch of bespoke fixed-premium Owners and Yachts P&I products generating a considerable amount of premium income. Other segments that continued contributing positively were Offshore and Charterers.
Skuld also continued its geographical diversification by entering into a long-term strategic partnership with Mitsui Sumitomo Insurance Company (MSI) to offer fixed premium insurance to the Japanese shipowning community.
Douglas Jacobsohn, Skuld CEO and president, said: "Continued profitable growth is a demonstration of the success of our long-term diversification strategy. We are pleased to see both geographical and product-portfolio expansion contributing according to plan. Skuld will continue to explore diversification opportunities in order to ensure we can offer innovative insurance products that meet the needs of our members and clients."
Skuld recorded 13% premium income growth on the P&I business during the 2013/14 P&I policy year - in line with the company's strategic growth plan, while at the same time following the disciplined underwriting philosophy that has been the key success factor for the company for many years.
Jacobsohn added: "Skuld is a sector-leader in terms of operating performance and we are dedicated to maintaining this position as we grow. In addition to unmatched service, we want to offer our members and clients first-class financial security."
Skuld members are in a unique position in that they have already received (today) PDF copies of policy documentation giving them contract certainty on the first day of the new policy term.