Swedish Club brings CoR right side of the line
Gothenburg-based marine mutual holds ‘strong positions in all key shipping markets’, managing director insists
International Group affiliate boosts full-year profit
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, according to an announcement from the Gothenburg-based marine mutual.
Free reserves rose to $217m, up 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 TSC held “strong positions in all key shipping markets” and that 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 54.9m gt, giving it just over a 3% share in the International Group market.
TSC is rated BBB+ stable by Standard & Poor’s after a downgrade in 2022, an assessment Nordberg has pledged to improve.
