Swedish Club delivers firm foundation for future growth
(Posted on 25/03/24)
The Swedish Club reported positive results for 2023, combined with an emphasis on supporting its members, strengthening its core business and structuring the organisation to prepare for the challenges the industry will face in the future.
The Club’s end year results delivered a balanced underwriting result, with a combined ratio of 102%, through prudent risk selection and pricing adequacy across all segments. It consolidated its financial strength, posting an overall profit of USD 30 million and a substantial improvement of USD 34 million in its free reserves, from USD 150 million to USD 184 million.
For 2024 the Board set a general increase of 7.5%, and P&I renewals were in line with ambitions in terms of pricing and retention.
Marine business continued to grow, and the Club’s focus on innovation continued with the launch of its new Cyber Insurance product.
Thomas Nordberg, Managing Director of The Swedish Club said: “2023 was a very exciting year for the Club, with a clear focus on operational performance and delivering excellence to members and brokers. We sought to achieve the best possible results from our insurance and investment portfolios and focused on balancing risk and return, while maintaining an appropriate liquidity profile.
“Of course, 2023 also saw a strong focus on meeting the multitude of new compliance and regulatory requirements, and our expanded team of internal experts ensured diligent compliance with sanctions across all the whole business,” he said.
“Our members are the heart of our organisation and as a testament to their continued support and loyalty we were delighted to see a retention rate of nearly 98% for 2024 P&I renewals,” he added. “The strength of this relationship was further demonstrated by the additional tonnage that has been committed for entry during the coming year.”
The Club’s regional offices continue to go from strength to strength with positive results from the Club’s newly established office in Singapore and expanded operations in London delivering a full service offering to members and brokers.
Latest News
Torvald Klaveness consolidates groupwide digital solutions
(Posted on 31/03/25)Torvald Klaveness has announced the decision to consolidate all digital services under Klaveness Digital... Read more
INTERCARGO reaffirms call for simplicity as IMO climate talks intensify
(Posted on 31/03/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has renewed its call for straightforward... Read more
The Swedish Club reports strong 2024 results
(Posted on 31/03/25)The Swedish Club has delivered strong results for 2024, posting a USD 34 million profit and significantly... Read more
NORDEN adds two newbuilding Capesize leases with purchase options
(Posted on 27/03/25)In line with NORDEN’s positive long-term outlook for Capesize freight rates, the company have... Read more
Enhanced data collection for Western Bulk
(Posted on 27/03/25)OrbitMI, a global provider of maritime software and data products, has expanded its workflow capabilities... Read more
ClassNK appoints new President & CEO and Executive Vice President
(Posted on 27/03/25)Current ClassNK Senior Vice President Hayato Suga has been appointed as President & CEO as well... Read more
ASL sees continued surge in demand for Cape Size carriers
(Posted on 19/03/25)The surge in demand for Cape Size bulk carriers will continue for another six weeks, driven on by increased... Read more
Partnership to enhance compliance and emissions management
(Posted on 18/03/25)OrbitMI, a leading provider of maritime SaaS software, has announced that Istanbul-based Statu Shipping... Read more
INTERCARGO statement on loss of seafarers in Odesa bulker attack
(Posted on 18/03/25)“The International Association of Dry Cargo Shipowners (INTERCARGO) is deeply saddened by the... Read more
DNV white paper on adoption of ammonia and hydrogen fuels
(Posted on 18/03/25)As the shipping industry continues its transition to carbon-neutral fuels, ammonia and hydrogen are... Read more
