Global growth spurs strong 2019 P&I renewals for Skuld

Oslo, Norway-based marine insurer and P&I mutual Skuld has reported “a positive outcome” from renewals with a 4.3% net increase in mutual P&I gross tonnage year-on-year from 2018 to 2019, including committed tonnage for delivery throughout 2019. Completing on February 20th, Skuld’s committed mutual P&I tonnage now stands at 95m gt.

Skuld said that it continued to grow its business organically “in a continuously competitive P&I market”, adding that at the latest renewals it had attracted “a significant number of quality new mutual members in the Far East, Europe and the US”. The insurer said that it had also booked significant growth in all commercial P&I business lines, including charterers and offshore.

Ståle Hansen, Skuld president and CEO, said that “Skuld’s recent P&I renewal confirms our top tier position within the members of the International Group of P&I Clubs, and this renewal season represents a solid start to the 2019/20 policy year, placing us firmly on track to achieve our growth ambitions.”