Board meeting Bangkok: 27 March 2025: The Swedish Club has delivered strong results for 2024, posting a USD 34 million profit and significantly increasing free reserves to USD 217 million, up from 184 a year earlier. Robust investment returns — fuelled by rising stock markets and favourable interest rates — played a key role in driving profitability and cash flow.

Underwriting performance also improved, with a combined ratio of 98% across all insurance classes, reflecting disciplined risk selection and positive premium development throughout the portfolio. The Club achieved its targeted 5% general premium increase as agreed with the Board, an achievement made possible by the continued support from its loyal membership. Retention remained high at 97%, underscoring the continued trust members placed in the Club and the quality of its offering.

The Club’s financial position strengthened decisively throughout 2024, with improved solvency supported by prudent capital management and a well-positioned investment portfolio — key factors in ensuring long-term stability and consistency of service to members.

 “Our performance in 2024 reflects our clear focus on operational excellence and member value,” said Managing Director Thomas Nordberg. “With strong positions in all key shipping markets, and steadfast commitment from our members around the world, we proudly remain a trusted partner in our industry.”

Amid increasing regulatory and geopolitical complexities, the Club will continue investing in capabilities that enhance its agility and risk management expertise, reinforcing its dedication to stability and delivering industry-leading support to our members in an evolving global landscape.

– ENDS –

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About The Swedish Club:

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.

For further information please contact:

Lisa Jacobs – Tel: +44 (0)1296 682356   Email: ljacobs@elaboratecomms.com
Sally Butler – Tel: +44 7961 730303  Email:  sbutler@elaboratecomms.com