Reinsurance News

Skuld’s growth continues in spite of challenging P&I market

1st March 2019 - Author: Luke Gallin

Marine insurer Skuld experienced a positive renewals with 4.3% net increases in mutual Protection & Indemnity (P&I) gross tonnage year-on-year, from 2018 to 2019, which, includes committed tonnage for delivery through 2019.

Skuld logoFinalised on February 20th, 2019, Skuld’s committed mutual P&I tonnage now stands at 95 million gross tonnes, as the firm continued to expand despite the competitive P&I market landscape.

The firm states that during the year it was able to achieve organic growth while also attracting a significant number of quality new mutual members in the Far East, Europe, and also the U.S. Growth was also experienced in all commercial P&I lines, which includes offshore and charterers.

Skuld’s President and Chief Executive Officer (CEO), Stale Hansen said: “In an increasingly pressured P&I market, we are very pleased to announce another positive P&I renewal outcome. This success is largely due to the dedication of our talented team, which collaborates across our network of offices and departments to deliver our members, clients and brokers with the service and competence they rely on.

“Our diversified product offering and excellence in service levels are reflected in our loyal membership. We take pride in delivering insurance solutions that truly meet the requirements of clients’ high-quality tonnage, through fair dealing, and this is why they choose to stay with Skuld.

“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.”

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