The Swedish Club’s financial strength continues to grow. Managing Director Lars Rhodin told the Club’s Board, meeting in Dubai September 30, that the Club’s free reserves – USD 129.6 million at the half-year point – had reached an all-time record level.

The first half result, at USD 8 million, was supported by an excellent net combined ratio of 86%. Lars Rhodin said: “This outcome reflects our policy of underwriting discipline and the relatively benign claims environment. Claims frequency was at a better than expected level during the first six months of 2010 and moderate in terms of severity.”

Lars Rhodin added: “Our P&I membership base has continued to grow since the February renewal and the portfolio now exceeds 45 million GT, in-cluding charterers’ tonnage. As for our Hull business, volumes overall are stable but we have seen satisfying growth in lead business so far this year.

“Beyond taking an increasing share of lead business, we are also experiencing major diversification within The Swedish Club’s Hull book. We are now writing more Hull lines, with higher activity levels in several areas, including IV (Increased Value) Total Loss, War and Loss of Hire.”

During the Board meeting Lars Rhodin added a cautionary note on claims. He said that economic downturn had reduced the incidence of navigational claims – reflecting lower levels of shipping activity – but that this will almost certainly change as the economy in general and shipping both recover.

During the Dubai meeting, The Swedish Club’s Board unanimously endorsed proposals to enter the global property insurance market for Mobile Offshore Units. Visit the Club’s website, on www.swedishclub.com for more information.

Yours sincerely,
The Swedish Club

Lars Rhodin

Contact:
Henric Gard, 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 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. The head office is located in Gothenburg, Sweden, and branch offices are located in Piraeus, Hong Kong and Tokyo. More information about the Club is available at: www.swedishclub.com