Swedish Club delivers firm foundation for future growth
(Posted on 25/03/24)
The Swedish Club reported positive results for 2023, combined with an emphasis on supporting its members, strengthening its core business and structuring the organisation to prepare for the challenges the industry will face in the future.
The Club’s end year results delivered a balanced underwriting result, with a combined ratio of 102%, through prudent risk selection and pricing adequacy across all segments. It consolidated its financial strength, posting an overall profit of USD 30 million and a substantial improvement of USD 34 million in its free reserves, from USD 150 million to USD 184 million.
For 2024 the Board set a general increase of 7.5%, and P&I renewals were in line with ambitions in terms of pricing and retention.
Marine business continued to grow, and the Club’s focus on innovation continued with the launch of its new Cyber Insurance product.
Thomas Nordberg, Managing Director of The Swedish Club said: “2023 was a very exciting year for the Club, with a clear focus on operational performance and delivering excellence to members and brokers. We sought to achieve the best possible results from our insurance and investment portfolios and focused on balancing risk and return, while maintaining an appropriate liquidity profile.
“Of course, 2023 also saw a strong focus on meeting the multitude of new compliance and regulatory requirements, and our expanded team of internal experts ensured diligent compliance with sanctions across all the whole business,” he said.
“Our members are the heart of our organisation and as a testament to their continued support and loyalty we were delighted to see a retention rate of nearly 98% for 2024 P&I renewals,” he added. “The strength of this relationship was further demonstrated by the additional tonnage that has been committed for entry during the coming year.”
The Club’s regional offices continue to go from strength to strength with positive results from the Club’s newly established office in Singapore and expanded operations in London delivering a full service offering to members and brokers.
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