First virtual AGM for The Swedish Club

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The Swedish Club made history today (Thursday) when it conducted its 148th AGM virtually, live from Gothenburg Sweden. In support of global efforts to suppress the COVID-19 pandemic the Club reached out to members, business partners and staff around the world via video conferencing.

Lars Rhodin, Managing Director of The Swedish Club, presented the Club’s 2019 results. These delivered according to plan with an operating result of $24.6 million and an increase in free reserves of 12% to $228 million. The Club’s combined ratio continued to perform well, running at an average of 99% over seven years.

“The current COVID-19 situation has a serious impact on the global marine market with regards to investments, insurance operation, business development and work environment,” said Mr Rhodin. “However, we believe that COVID-19 related claims will not have a material influence on The Swedish Club’s final 2020 results.”

The Swedish Club continues to strengthen its focus on the development of digital tools to increase efficiency and service to its members. The latest Trade Enabling Loss Prevention (TELP) programme has developed and responded to current market conditions, supporting the Club in its commitment to enhance safety at sea.

“Looking ahead, we see a hardening market for the Marine business and the Club is well positioned for further P&I opportunities. People rise to the occasion even in bad times,” continued Mr Rhodin. “We are all learning from the current COVID-19 situation, and we continue to do our utmost to adapt and move forward.

“Marine insurance is a people business and we look forward to meeting members, brokers and business partners again as soon as circumstances permit.”

Mr Rhodin welcomed Herbert Xu, Vice President of China Merchants Energy Shipping, who was elected to the Club’s Board of Directors by the Annual General Meeting.