Thomas Nordberg’s career turned full circle when he returned to the Swedish Club as managing director this year.
His first job in marine insurance was as a trainee at the Gothenburg-based mutual in 1992 after graduating in maritime law from the Scandinavian Institute of Maritime Law in Oslo.
His 30-year-long route back to the Swedish Club came via working at a private law practice, then Norwegian protection and indemnity club Gard, where he held senior positions in Gothenburg, London and Hong Kong.
He again turned to private law practice with Advokatfirman Morris AB before the opportunity to take over from retiring Swedish Club chief executive Lars Rhodin appeared.
The Swedish Club is the only P&I mutual that recruits its most senior executive position from outside its own ranks.
The policy offers a fresh set of eyes on the business, but also means there is a process of learning the ropes for the newcomer.
Since September, Nordberg has been busy meeting Swedish Club members around the world and has enjoyed the experience.
“That is the way I prefer to operate. It is important to me and the company to be close to members, brokers and business partners to know what they think about how we deliver and how we can improve. It is also the most appreciative part of my job,” he said.
Since last September, Nordberg has been working alongside Rhodin and he has been impressed by his new colleagues: “We have a highly energetic team and competent people dedicated to their work. This provides a valuable platform for taking our activities to new heights in the future.”
There has been much speculation around possible consolidation, stoked up by the Standard Club’s merger with North P&I Club.
Nordberg’s 17 years at Gard has given industry conspiracy theorists plenty of ammunition for mischievous gossip about a possible Norwegian-Swedish collaboration in the making.
Most working in the industry have memories of an ill-fated 2006 attempt to merge Norway’s Skuld with the Swedish Club. And as one of the smaller P&I mutuals, the Swedish Club could be left exposed in a consolidating market.
Nordberg is quick to dismiss that notion. “We do not have any ongoing discussions about mergers in the Swedish Club. It is obviously always important for us to keep a close eye on what is going on in the industry, to see what our competitors are doing and how new constellations may impact us and our market position.”
We have a highly energetic team and competent people dedicated to their work
— Thomas Nordberg
He points out that scale is not a problem, as although the Swedish Club has a comparatively small P&I book, it also has a significant book of commercial business lines, including hull and machinery.
But he is aware of the wider consolidation trend and its possible impact on the club and its members.
“It is obviously important for me to keep a close eye on what is going on in the industry, to see what our competitors are doing and also on the members’ side how they develop their business and consolidation and that sort of stuff, and what they expect from us,” he said.
One unfortunate development at the Swedish Club last year is that it was downgraded by S&P Global Ratings to BBB+ with a positive outlook. Nordberg aims to return to an A rating as soon as possible.
An important factor in that derating was the mutual’s negative investment returns. Investment returns can be volatile and something over which the club cannot control, but there is an expectation that they will bounce back in the not-too-distant future.
The one area the club can control is its underwriting.
“We have a high-quality portfolio today, so a prioritised task is to ensure we maintain that and grow with our existing members. At the same time, we need to look to the future and predict what needs to be done to further strengthen our position in the market. We are in a good place to continue expanding our business portfolio, and we will not compromise on quality,” he said.
“But at the same time what is important is to make sure that we look forward and see what we need to do to develop our position in the market.
“We are in a really good place to continue to grow with high-quality tonnage. We are not going to compromise on that aspect.”
Nordberg would like to see the Swedish Club incorporate more technology and make the underwriting process more “scientific”. The use of digital technology loss prevention is one of the club’s strong points and Nordberg thinks it can be developed further to improve claims performance.
“It is also very much about the analytical side and how we can become even more scientific about assessing and selecting risks going forward.”
