The Swedish Club offer 5% discount

Mar 29 2018


The insurance and P&I service provider, The Swedish Club reported a solid operating result last week, continuing a record of building on steady growth.

It emerged from 2017 prepared and well positioned to take advantage of a stabilising market, the company claimed at its annual meeting held in Shanghai.

 

At the meeting, the Club reported an increase in entered tonnage to more than 51 mill gt - an all- time high.

 

With continued sensitivity to the business pressures its members continue to face, for the third consecutive year the Club made the decision to set a zero percent general increase.

 

The Club closed 2017 with a bottom line surplus of $22.7 mill, or $18.8 mill after the P&I discount. This result was supported by good investment returns of 7.7 %. The combined ratio at 104% was within expectations. As a result, the Board decided to offer a 5% P&I premium discount of estimated total call to current P&I members for 2018/2019.

 

Lars Rhodin, The Swedish Club managing director, said: “The Club’s ability to once again set a zero percent general increase is a reflection of the quality of our members. Similarly, our decision to discount P&I premiums by 5% is possible as a result of this strong financial position.

 

“The Swedish Club is in business for the long term. During 2017, we celebrated 145 years in business, and we also celebrated 35 years since opening our Hong Kong office. We could not have achieved this position without striving constantly to earn the loyalty of our members, and to deliver a top class and comprehensive service,” he said.

 



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