Marine insurer The Swedish Club has reported a strong first half of the year, marked by significant financial growth.
The Club saw its free reserves jump from US$166 million to US$198 million, attributing this 16% increase to robust insurance outcomes and its investment strategies.
Total premiums collected during the period reportedly surpassed initial expectations, contributing to a substantial profit of US$14 million. It maintained a combined ratio of 97%, a slight improvement over the previous year’s 98%. This metric is crucial as it indicates that its premium income more than covers claims and underwriting expenses.
On the investment front, the Club reported returns of 3%, which annualises to 6%. It suggested this reflects an effective investment strategy that aligns with the overall financial goals of the organisation, balancing risk and return to support its economic stability.
Operational expenses have been tightly controlled, with expenditures kept within 20% of the budget.
Thomas Nordberg, managing director of The Swedish Club, highlighted the Club’s strategic approach. “Our focus on elements within our control has been instrumental in maintaining stability and preparing for future uncertainties,” Nordberg commented. He also acknowledged the substantial support from the Club’s board and members, noting they were crucial in these efforts.
The expansion of The Swedish Club’s reach is further evidenced by the growth of its London office, which began underwriting in 2023 and now covers nearly 800 vessels.
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