Skuld, a leading marine insurance provider, announced results for the financial half year ending 20 August 2014.

Highlights

Positive half year result of USD 20 million

Improvement of USD 8 million, or 67% compared with 20 August last year

Contingency reserves at a record high of USD 354 million

Net investment income of USD 18 million

Douglas Jacobsohn, president and CEO of Skuld, said:

“We are very pleased with these results and they again illustrate the success of our long-term strategy for growth and diversification. With our focus on controlled growth, we have continued to deliver a positive underwriting result and maintained a combined ratio below 100%. The positive technical result is mainly derived from our non-mutual book of business and positive adjustments on claims on earlier policy years.”

“After six months, the quantum of reported claims is in line with expectations. There will always be an element of the unknown when it comes to claims, but we always strive to attract and retain quality tonnage and to provide our members and clients with the best possible tools to manage risk. When looking at categories of claims, we have noted that those related to human error, such as collisions and groundings, still make up a substantial part.”

“We continue to support our members’ and clients’ needs and throughout Skuld our ambition is to deliver exceptional service and competence that they can rely on.”