Skuld reaches 100 million mutual GT in 2021 P&I renewal

Press release

Published: 23 February 2021

Press release - Waves (illustration)

Skuld today announced that for the mutual P&I policy year 2020 to 2021 mutual P&I gross tonnage (GT) increased by 5.5%. As of 20 February 2021, Skuld’s mutual P&I tonnage stood at 101 million GT.

In addition to the positive development of the mutual P&I portfolio, Skuld also increased its market share across all other lines of business, including hull and energy and all aspects of its commercial P&I operations. This is against the backdrop of not only the pandemic but a period of extreme volatility in the marine insurance market.

Ståle Hansen, Skuld president and CEO, said: "We are very pleased to record a successful renewal in a very different year both for our members and clients and for Skuld. In our 123rd operating year Skuld reached another milestone, crossing the 100 million mutual GT mark. Albeit working remotely and fully digitally our members and clients have coped extremely well with the situation and we owe our greatest thanks and appreciation to everyone who has contributed positively during the pandemic. This year’s successful renewal would not have been possible without the loyalty of our high-quality membership and the dedicated and co-ordinated teamwork across our network of offices and departments.

"Skuld's strategic focus on growth through diversification and our careful selection of quality tonnage along with efficient processes and outstanding service lays the foundations for further growth and development in 2021 and beyond. This enables us to continue providing our members, clients and brokers with the service and competence they can rely on."