Leading marine insurance provider Skuld has reported a positive bottom-line result of US$16 million for the first nine months of the 2016/17 reporting year, according to a news release.
“Strong financial markets contributed to a positive income on investments,” said Ståle Hansen, Skuld president and CEO. “Skuld experienced a few large claims earlier in the year which caused a small loss on the technical result. However, it was an improvement compared with the technical result at the half year. The positive contribution to the contingency reserve brings the reserve’s total to US$364 million.”
Skuld also announced that it would continue its Members’ Credit scheme next year.
“Skuld continues to pursue its diversification strategy and has acquired the SMA/Gerling Norway team and its portfolio of marine hull business,” Hansen said.
“SMA/Gerling Norway will continue under the name Skuld Marine Agency and the portfolio will begin to attach from January 01, 2017. The acquisition gives Skuld access to SMA/Gerling Norway's hull & machinery book of business, which covers around 6.000 vessels paying some US$40 million in premium. Skuld’s priority remains to ensure that all customers and brokers experience the same excellent service.”
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