Resilience in the face of volatility during an extraordinary year. That was the message from The Swedish Club at its first quarter 2021 board meeting yesterday, held virtually from Gothenburg, Sweden.
The Club finished 2020 with an operating profit of USD 3 million; record free reserves at USD 231 million; and confirmation of the Club’s A- ratings as stable by S&P Global Ratings and A.M. Best.
The year ended with most business areas in balance. A strong investment return offset the P&I result, which reflected a combination of unprecedented Pool claims and the premium inadequacy that the whole sector is working to address. The Club recorded a total combined ratio of 123%, an anomaly compared with the performance of previous years.
Against background of unprecedented business disruption, The Swedish Club concluded a successful renewals year. With an owners’ P&I of GT 56 million – an all-time high and an increase of GT 6 million and more than 10% – the Club posted a record combined GT for owners’ and charterers’ entries of GT 88 million…
