Swedish Club focuses on embracing change at its AGM

High on the agenda for members were issues such as cyber security, war insurance, onboard safety and quality control standards.

14 June 2024, Gothenburg Sweden: This week The Swedish Club convened its 152nd Annual General Meeting (AGM) in its home town of Gothenburg, Sweden. The event was attended by members from all over the world, gathering to discuss issues of importance in the shipping sector.

In his address to the AGM, The Swedish Club’s Managing Director, Thomas Nordberg, expressed satisfaction with the financial outcome of 2023 and shared good news for members, as he told the audience that in the first quarter of 2024 the Club’s Combined Ratio stood well below 100% and positive investment returns brought in further attractive financial results. Nordberg confirmed that developments and trends were positive in all facets of operations.

Discussions focused on the future of the Club and how the shipping sector is having to deal with many changes. Conflicts in the Black Sea and the Middle East have increased risk to the sector and pushed up insurance costs. While evolving technology has brought opportunities for shipowners, it has also added threats, such as cyber-attacks.

Speaking about his priorities, Nordberg said: “Everyone in The Swedish Club is on board, embracing the many changes that the shipping sector faces. We are evolving how we operate, to help protect our members through volatile times while also exploiting the benefits of emerging technologies.

“To be successful we focus on being available, agile and flexible by offering new products and services to support our members while ensuring that the Club’s standards and quality control are second to none. We are proud of the close relationships we have within The Swedish Club and with our members, and with all others that are essential to our delivery of world-class insurance services. We are with our members at all times, as we have been for 152 years, and will continue to be as we embrace further changes.”

At the AGM, two new members of the Board were elected:

• Tim Ponath, CEO of German shipping company NSB Group; and
• Shi Xiuli, of the China Merchants Energy Shipping Co. Ltd.

While stepping down from the Board are:

• Herbert Xu, also of the China Merchants Energy Shipping Co. Ltd; and
• Chen Xiaoxiong, from the COSCO Shipping Bulk Co. Ltd

Mr Nordberg added: “I would like to personally thank Mr Xu and Mr Chen for their time and service to the Club. I am pleased to welcome Mr Ponath and Ms Shi to the Board and look forward to working with them. Their knowledge and expertise will be an asset that contributes further to the breadth and depth of experience within The Swedish Club’s Board.”

-ENDS –

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For further information please contact:
Sally Butler on +44 (0) 7961 730303
email: sbutler@elaboratecomms.com

Simon Palmer on +44 (0) 7960 114 524
email spalmer@elaboratecomms.com

Notes to Editors The Swedish Club was founded by shipowners in 1872 and is today a leading and diversified mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight, Demurrage & Defence, Hull & Machinery, Hull Interests, Loss of Hire, War Risks, and any additional insurances required by shipowners or charterers. It also writes Hull & Machinery, War risks and Loss of Hire for Mobile Offshore Units and FPSOs.
Its head office is located in Gothenburg, Sweden, with branch offices in Athens, Oslo, London, Hong Kong and Singapore.