Skuld 2022 P&I renewal successfully completed with premium growth

Press release

Published: 23 February 2022

Skuld today announced a successful P&I renewal in its 125th operating year. Mutual P&I premium income targets set by Skuld’s board have been met for the 2022/23 policy year. 

Notwithstanding the well-publicised industry challenges of recent years, and the need to balance the technical result through improved rates, Skuld reported that all of the renewal targets agreed by the club board for this latest P&I renewal were met, further securing Skuld’s strong financial position.

Furthermore, Skuld has continued to increase its market share across all other lines of business, including marine hull, and all commercial P&I operations such as charterers, offshore and fixed premium/yachts.

Skuld is well positioned to continue its chosen growth strategy as it progresses through 2022. 

Ståle Hansen, Skuld president and CEO, said: "We are leaving another extraordinary year behind where the pandemic still influences our industry, and high volatility in the financial markets is expected to continue into the new P&I year. I am therefore pleased to note that our necessary market adjustment rate has been achieved, catering for significant increases in the severity of pool and large claims, further securing Skuld’s strong financial position.   

“We are grateful for 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 premium growth through diversification and our careful selection of quality tonnage contributes to a strong and robust foundation for positive development in our 125th anniversary year, 2022, and beyond.

“We will continue providing our members, clients and brokers with second-to-none service, making sure that they can all rest assured with Skuld.”