Commenting on the result of the year 2007 in connection with the Board Meeting on April 3rd in Istanbul, Frans Malmros, The Swedish Club’s Managing Director, says: “Even though we are not pleased to report a loss of 2.3 million USD, it has never before been easier to detect what needs to be addressed going forward. The prevailing misalignment in the market between premiums and exposure is the sole cause for this minor deficit. On the H&M side of our business we started early to take measures designed to correct premium levels. Initially there were little support from the rest of the market, but more recently we are pleased to note that others are following our example and take a more responsible approach. Turning the market is a process that takes time, and for the time being there is no reason to put our Members’ capital at risk unnecessarily. Especially not since odds are that unappealing. We have seen a consolidation in our H&M portfolio and it is expected that this development will continue throughout 2008.
In the P&I renewal we were very pleased to see that we exceeded our target. In particular,it is interesting to note the continued positive development of the healthy Charterers’ Liability business, where the Club added another 8 million GT at 20th February 2008″

More emphasis on marketing & business development
With the new Managing Director, Mr. Lars Rhodin, at the Club’s helm as from 1st July 2008, even more emphasis will be put on Marketing & Business Development. As a first step in this direction the Club has employed Mr. Henric Gard, who will be responsible for the Club’s global marketing activities. He will also form part of the Club’s Management group. Mr. Gard comes from the Willis Group where he has worked for 15 years with marketing strategies and business development within the field of Global Energy.

Taking the Club into a new phase Mr. Rhodin says: “It’s vital not to forget who we are and where we are coming from. We will continue to deliver top quality service to Members and business partners, and insurance solutions that are adapted to the contemporary industry’s needs at a sustainable price.”

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Contacts:
Frans Malmros, The Swedish Club, telephone: +46 31 638 400

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The Swedish Club
The Swedish Club was founded in 1872. It is a leading mutual marine insurance company, owned and controlled by its members. The Club writes Hull & Machinery, War Risks, Protection & Indemnity, Loss of Hire, Freight Demurrage & Defence and any additional insurances required by shipowners. The head office is located in Göteborg, Sweden, and branch offices are located in Piraeus, Hong Kong and Tokyo.

As at December 1st the Club covered 1,771vessels for Hull & Machinery, 1,225 vessels for P&I and 566 vessels for FD&D.

More information about the Club is available at: www.swedishclub.com