Standard & Poor’s Rating A
Vessel type by tonnage
Vessel type by geography
|Net Claims (incurred)||287,240||317,651||301,168||288,842||244,577|
|Net Underwriting Result||15,014||(30,261)||(30,130)||(35,219)||8,037|
|Gross Outstanding Claims||1,107,176||917,595||690,573||801,897||875,663|
|Average Expense Ratio||12.70%||12.40%||12.60%||13%||12.80%|
All figures are Group figures including all business lines, not just P&I.
Skuld’s combined ratio of 97% across all lines of business equated to a technical profit of $15m, with mutual business at 100% and commercial lines at 94%, compared to 111% and 104% respectively the previous year.
Gross premium rose by $53m to $473m, of which $282m related to P&I/chartered business.
Claims were down from $318m to $287m.
A small investment return of $5m was achieved, mainly thanks to the sale of the Club’s shareholding in Lloyd’s Managing Agent ASTA.
Free reserves grew from $430m to $445m.
Owned tonnage grew by 4m GT to over 103m GT and chartered tonnage stands at 69m GT.
Tysers said that Skuld, as the only Club to record a surplus in 2022 (Japan Club also did but this was due to additional calls for 2020 and 2021), was entitled to be pleased with the results.
CEO Stale Hansen again affirmed that size was important for success – “Size and our clear growth strategy keep us solid and strong in today’s tumultuous environment.” He also again mentioned that Skuld was very open to M&A discussions, but warned that “it can be difficult to combine those with a taste for rock ‘n roll with those who favour classical music. We don’t judge but we see great advantage in choosing for ourselves which music to play.”
Tysers said that it believed that “any Club with less than 100m owned GT would benefit from a discussion with Skuld, although we hope that if put on hold when making the call they do not have to listen to Frank Sinatra’s “My Way.”