Norwegian marine insurer Skuld has increased its mutual book of protection and indemnity insured tonnage by 11% at the annual 20 February renewal.
Its book of shipowners mutual P&I business now stands at 116m gt which represents a new high for the club.
“The successful renewal of our P&I policies, which aligns with all our growth targets, showcases our unwavering commitment to delivering comprehensive, reliable and effective insurance solutions to our clients,” chief executive Stale Hansen said.
Skuld had also set a target to increase its P&I rates by 5% at this year’s renewal.
It is a provider of mutual P&I insurance as well as other commercial marine insurance lines including hull and machinery, energy and charterers cover.
The Oslo-based insurer said its other marine insurance lines had also show growth which left the club “well capitalised” and positioned for “further growth”.
At the end of the last policy year Skuld reported a net positive financial result of $32m. Its financial contingency reserves stood at $445m and premium income at $473m, with its P&I business contributing $226m and its other commercial marine lines $247m.
