Skuld Club is doing well as derives from third quarter results report

The club is doing well and a strong result of USD 52 million is added to our free reserves, which now stand at a record USD 254 million.
After a relatively high number of large claims in the two first quarters, we have seen a reduction in the third quarter. The current year’s development underlines the importance of having a strong balance sheet to meet any volatility in our business.
Positive technical/underwriting result The technical result (premium income less claims and operating expenses) of USD 25.8 million is an improvement of USD 2.1 million compared to Q3 2009. The financial year result benefits from the positive development on claims from previous policy years. We have noted an increase in both number and severity of claims in the current policy year and it is important to be reminded that the most claims intensive period of the year remains.
Investments
An investment return of 4% is considered good within the current market conditions and the portfolio’s current risk level. The Association maintains its moderate risk level on its asset allocation in order to support further growth within its core business. We are building a robust financial platform for the future, avoiding too much volatility. The club finances are already at a level well ahead of the expected capital requirements for the Association when the EU regulative Solvency II is implemented.
Diversification
With the most significant diversification in Skuld’s long history, we now offer marine and energy insurance through a newly-established Lloyd’s syndicate. Skuld 1897, named after Skuld’s founding year, will be an S&P ‘A+’ rated carrier and benefit from Lloyd’s licenses in more than 80 countries. In addition, Skuld Offshore underwrites on behalf of syndicate 1897 and four other Lloyd’s syndicates, bringing a new definition of service quality to the offshore energy industry.
These initiatives are transforming Skuld from a leading P&I mutual into a comprehensive marine insurance provider.
Consolidation
After more than 90 years, the Danish Defence Club has been amalgamated into Skuld, providing an excellent opportunity to strengthen the competence of our club as well as provide efficient service to new and existing members of both clubs.
Members and clients first
While remaining fully committed to growing our mutual business, the added products and services through Skuld 1897 bring together the best of both worlds. We continue placing members and clients first and are looking to establish relationships based on a shared commitment to the highest standards of quality.
Committed employees
All the above achievements are made possible with the help of our first class organisation built on the many talented and hardworking individuals in all our offices.