The Swedish Club: resilience in a difficult year

The Swedish Club demonstrated its resilience in 2011 — a challenging and volatile claims year. In his report to the Club’s Board meeting yesterday (29 March) in Singapore, Managing Director Lars Rhodin said: “Last year was a contrast to a highly positive 2010. It demonstrated the inherent volatility of marine insurance. Yet, despite several large claims and an unsupportive investment environment, we contained the consequences and ended the year with a single figure loss, at USD -9.3 million.”

Volumes were largely stable during 2011, although. The Swedish Club saw continued growth in the P&I portfolio and the new Team Energy venture in Oslo had a good first operating year. The world’s financial difficulties persisted during
2011, yet the Club’s investments still produced a small surplus, reflecting sound and timely portfolio management decisions. Lars Rhodin told the Board: “We continue to enjoy strong momentum in the market. We have finished a year in which the Club demonstrated its ability to absorb adverse claims development, against a wider background of increased claims frequency and severity.

Full article, ELNAVI, Issue 461, May 2012, Page. 54

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