The Swedish Club demonstrated its resilience in 2011 which was a “challenging and volatile claims year” – this according to Managing Director Lars Rhodin, who addressed the Club’s Board meeting yesterday in Singapore.
“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,” he said.
According to Me Rhodin, volumes were largely stable during 2011 and 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.
He also noted that 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.
“We now look forward to positive developments during 2012, when we will mark some important milestones in our history. During the AGM in June we will celebrate the Club’s 140 years of service to the shipping community. We will also celebrate 30 years of presence in Hong Kong, where our office serves the important Asian region.”