This was the 15th consecutive year that Skuld claimed a positive underwriting result - a record for the company.
In addition, gross earned premium in 2017 amounted to $413 mill, plus the mutual earned a strong 7% return on investments.
Given this positive result, for the third consecutive year, Skuld will propose to the AGM a premium credit to all mutual members and launch a members’ performance bonus.
This bonus (which operates alongside the member’s premium credit) rewards members of more than 12 months standing with the mutual having premium contributions exceeding their own claims costs.
Skuld said that it experienced a few large claims but over the year the frequency of regular claims remained low, which contributed positively to the 2017 result.
The results were accounted for before the deduction of members’ premium credit, totalling $5 mill and members’ performance bonus of $5 mill, which will be returned to Skuld’s mutual members this year.
The total transfer to Skuld’s contingency reserves will therefore be $48 mill and as a result, the contingency reserves are now at a record high of $442 mill.
Ståle Hansen, Skuld president and CEO, said: “We are very pleased to announce another strong Skuld result. Moreover, the introduction of the members’ performance bonus, on top of the members’ premium credit, shows not only our healthy financial state but also reinforces our commitment to our members.
“We are proud of the service we offer. Over the year our casualty response and claims services have been seriously tested and our assistance to members and clients in difficult situations has again received very positive feedback.
“We remain cautiously optimistic for 2018/19 amid challenging shipping market conditions and volatility in the financial markets, and we look forward to continuing to provide our members and clients with service and competence they can rely on,” he concluded.