Sweden is known for its comparatively relaxed approach to the Covid-19 pandemic but mutual marine insurer the Swedish Club opted to play it safe and hold its traditional annual general meeting (AGM) online for the first time.
Shipowner members dotted around the world voted to approve accounts and executive board positions via the internet — smoothly and without a hitch.
Herbert Xu, vice president of China Merchants Energy Shipping, was elected to the Swedish Club board of directors by due process.
However, the virtual event still represented a dramatic break from the traditional early summer festivities the Swedish Club usually hosts in Gothenburg.
The enforced online AGM apart, Swedish Club chief executive Lars Rhodin said he expected the mutual to emerge unharmed from the pandemic.
“We are not that exposed to the cruise industry — we have seen some Covid-19-related claims but I don’t think it will impact our profit and loss statement,” he said.
The Swedish Club is in a healthy financial position and in the last policy year increased its free reserves by 12% to $228m. Investment income lost in the collapse of the equity market because of the coronavirus pandemic appears to have largely recovered, he pointed out.
Rhodin said the insurance markets are hardening, which should help the mutual increase income.
However, he did express concern that the Swedish Club’s members might be affected by the difficult outlook for the shipping markets.
Rhodin said he is keen to meet up with members from around the world face-to-face at the AGM next year, when he can hopefully welcome them in Gothenburg once again.
“Marine insurance is a people business and we look forward to meeting members, brokers and business partners again as soon as circumstances permit,” he said.
In closing, meeting chairman Per Settergren seemed just as keen to get back to the long-held traditions of the Swedish Club AGM.
“We are through this first and last digital AGM in the Swedish Club’s long history, an adventure has come to an end,” he said.
