The Swedish Club continued to grow its P&I and Energy portfolios in 2012. Reporting a surplus of USD 9.1 million in 2012, Managing Director Lars Rhodin told the Club’s Board that the recent renewal had been satisfactory.

During the Board meeting in Bangkok yesterday (March 21), he said: “We achieved our aims, in terms of increases in premiums and volumes for the year. The P&I and Energy books grew steadily throughout the year. In the 12 months to February 20, 2013, the P&I portfolio increased by some 2 million GT; at the start of the new policy year it stood at 50.7 million GT, including 15.5 million GT of charterers’ entries.”

Lars Rhodin added: “We are fortunate indeed to enjoy staunch support from our members, who recognise the value of a long-standing, stable relationship with a high quality provider. At the same time, relationships require constant attention. Our members operate in difficult times and we will continue to work with them,   in a spirit of partnership.”

One highlight of 2012 was Standard & Poor’s decision to upgrade The Swedish Club’s rating to BBB+. This was described by Lars Rhodin as “an expression of confidence in our strategy and risk management.”

Turning to future prospects, the Club’s Managing Director continued: “We entered 2013 in good shape, with a capital position well ahead of solvency targets. In the current year one priority is to develop our Oslo-based Marine, P&I and Energy businesses.  We will open a new and larger Oslo office in May, manned by more staff.”

Contact:
Lars Rhodin, The Swedish Club, Telephone: +46 31 638 400
TRS Public Relations, Telephone: +44 1304 813 366

 

The Swedish Club was founded 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. We also write Hull & Machinery, War risks and Loss of Hire for Mobile Offshore Units and FPSO’s.

Our head office is located in Gothenburg, Sweden, and branch offices in Piraeus, Hong Kong, Tokyo and Oslo.