The Swedish Club reports a ‘solid’ half-year

The Swedish Club has reported a first-half operating surplus of $11.2m, representing a combined ratio of 100%. However, investment returns “encountered substantial volatility during the period”, particularly in the first quarter of the year. The return was 3.0%. Free reserves stood at $194.2m

Entered tonnage in P&I has been stable-to-growing since renewal, the Club said. The Club’s overall claims frequency for both P&I and Marine was on a par with 2015 levels and claims severity was stable.

Swedish Club director Lars Rhodin said: “The Swedish Club has maintained its focus on achieving a balanced underwriting performance and steering a steady course. We have continued to concentrate on controlled growth, service to our members and innovative loss prevention initiatives.”