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Skuld

Assuranceforeningen SKULD
(Gjensidig), Ruseløkkvn. 26, 0251 Oslo, Norway
skuld.com t +47 22 00 22 00

2017 report overview

  • Reported a combined ratio of 98% for the 16/17 PY.
  • Free reserves of USD 394 million
  • The Board have decided to give back USD 5 million in premium to the Members which will be returned in 2017.
  • The Club achieved an investment return of 3.4%
  • Release calls remain the same

See the Skud 2017 results release

Aon’s comment

Skuld has enjoyed a good year with Free Reserves increasing.

Their venture into the Lloyd’s market was always going to be a struggle given ever-increasing capacity and strong competition. However, they continue to see great support from brokers and Members of the Club alike.

Their London office is enjoying great support and is reaping the benefits of experienced recruits to bolster the team.

Skuld are one of three Clubs that cater for the Offshore sector.

Free Reserves against premium income are at 84.94%.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
5,160 4,834 4,197
Total owned entered GT
2016 2015 2014
80,554,214 77,075,118 77,640,532
Total chartered GT
2016 2015 2014
N/A N/A N/A
Total MOU chartered GT
2016 2015 2014
5,679,848 5,340,289 4,115,404

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 409,980 411,246
Excess Calls 0 0
Reinsurance Premiums 56,663 63,622
Total Income 353,317 347,624
Expenditure Net claims incurred 243,276 259,057
Net operating expenses 87,971 87,781
Total expenditure 331,247 346,838
Underwriting result pre investment/other financial income and tax 22,070 786
Investment/other financial income -7,873 13,364
Tax/interest charged -1,163 -1,012
Overall result 13,034 13,138
Free reserves 348,230 335,195

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Aug-15
Rating A A
Outlook Stable Stable
Type of rating Interactive Interactive
Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 5.0 2.5 7.5 15.0 5.0 - - - - -
Supplementary Call Record % 0/0 0/0 0/0 0/0 0/0 0/0 0/0 0/-2.5 0/0 0/0

Release Call Percentage - as at February 2017

2015 2016 2017
3% 4% 5%