The Swedish Club is preparing for the next stage of its Asian growth plans with a new full-service office in Singapore.
The Gothenburg-based protection and indemnity mutual said it wants to build on the success of its Hong Kong office which has been gaining clients locally and in mainland China.
The Swedish Club said it has been active in Singapore for 35 years and now wants to enhance its presence with the new office.
“The Asian shipping sector is predicted to continue the expansion we have seen in previous years, and it is essential that we are well placed to serve that growing market,” Swedish Club managing director Lars Rhodin said.
“The choice of Singapore for a second office in Asia is a very natural step for the club as there is a historically strong connection between Singapore and Nordic countries in shipping.”
The Swedish Club is a P&I mutual and provider of other marine insurance lines.
Two years ago ratings agency Standard and Poor’s upgraded its financial strength rating to A- which has broadened its commercial appeal to shipowners.
It is one of the smaller P&I mutuals with 2,231 ships of 85.5m gt under P&I cover. The Swedish Club is involved in the hull and machinery cover for 4,185 vessels amounting to 190.5m gt.
In its half-year financial report, it announced a deficit of $3.4m amid difficult trading conditions for P&I clubs. Its free reserves fell slightly from $228m to $225m.
