Swedish Club cuts COR to 98%
P&I club’s free reserves rise to $217m from $184m a year earlier thanks to favourable investment returns on the back of rising stock markets
Gothenburg-based marine mutual holds ‘strong positions in all key shipping markets’, managing director insists as full-year profits rise
The Swedish Club has posted increased profits of $34m for 2024, up from $30m last time round and a loss of almost $42m in 2022, the Gothenburg-based marine mutual announced.
Free reserves rose to $217m from $184m a year earlier thanks to favourable investment returns on the back of rising stock markets.
Underwriting performance also improved, with a combined ratio of 98% across all insurance classes, down from 102% last year.
The club said the trend reflected disciplined risk selection and positive premium development throughout the portfolio. Retention was 97%.
Managing director, Thomas Nordberg, said the Swedish Club held “strong positions in all key shipping markets” and despite challenging regulatory and geopolitical pressure, the club will continue investing in capabilities that enhance its agility and risk management expertise.
No figure was given for entered tonnage but according to brokers’ reports, owned entries last year aggregated 54.9 million gross tonnes, giving it a share of slightly more than 3% in the International Group market.
The Swedish Club is rated BBB+ stable by S&P Global Ratings after a downgrade in 2022, an assessment Nordberg has pledged to improve.
This article first appeared in Lloyd’s List, a sister publication of Insurance Day
