In Tysers’ 2017 report on the International Group Clubs, the broker included a club-by-club analysis, which IMN is covering on a one-club-per-day basis. Today, Steamship Mutual.
Tysers noted that Swedish Club managing director Lars Rhodin felt that in 2016 the Club “achieved good growth in P&I, acclaimed casualty response in a major case, a successful AGM and member support events, to our 98% combined ratio result”. A combined ratio of 98% (all business lines), reflected a P&I CR of 99%, FDD of 55% and Marine/Energy of 102%. That generated an underwriting surplus of $2m.
An investment return of nearly $10m (2.7%) saw free reserves rise by $11m to $195m. For P&I, owned tonnage increased by over 3m to nearly 47m GT, while chartered tonnage remained stable at 20m GT.
Tysers observed that the casualty to which Rhodin referred was the TS Taipei which ran aground in in March 2016 in bad weather off a scenic beach at Shimen in Taiwan following engine failure. The crew abandoned ship and there was considerable pollution when the vessel broke in two. Under the spotlight of the media and public concern, the wreck removal and clean up were completed in 151 days with the Taiwanese authorities holding a seminar and dinner to celebrate a job well done.
Business Development Director Lars Malm reported that the Club was seeing some success in its objective of expanding in the tanker sector. It developed two new products in 2016 – stand-alone Rules for Charterers and Collision Recovery Insurance, which provides an owner with upfront payments of loss of earnings and deductible expected to be recovered from the other vessel involved in a collision.
Swedish Club results summary (all figures $’000)
Items marked * are Group figures and include all business lines, not just P&I.
Swedish Club tonnage by vessel type
Bulkers/General Cargo 37%
Swedish Club tonnage by area
Middle East 5%