The outlook is stable and the business risk profile is strong -
· Membership of the International Group (IG) of protection and indemnity (P&I) clubs provides market access.
· One of the most diversified of its IG peers, including a Lloyd's syndicate.
· Strong brand reputation and operating performance.
Financial risk profile: Strong -
· Capital adequacy will likely remain above or only just below the 'AA' level.
· The P&I sector is inherently volatile. The IG joint reinsurance programme helps to manage exposure.
· Less-volatile operating performance than most of its IG peers.
Skuld has also announced the appointment of John Howe to the new role of senior vice president, business development.
Based in London, he will focus on further developing Skuld's P&I portfolio. He will take up his role later this month and will report to chief business development officer, Gregory Thomas.
Howe's career spans more than 40 years within the shipping and insurance industries. He spent 27 years working for the North of England P&I Club and recently left as an underwriting director, having joined as a claims executive in 1989.