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The P&I surplus for 2008 was larger than expected. The book of business, as at 1 April, totalled 1,260 vessels of 38.4 million GT. Entered tonnage for P&I cover rose by over 30 per cent in the year to 1 December 2008. The Freight, Demurrage & Defence (FD&D) book totalled 593 vessels of 20.0 million GT at 1 April. The Hull and Machinery portfolio at 1 April totalled 1,355 vessels of 54.6 million GT. The H&M business showed a marginal loss in 2008 and the Club is determined to bring this book into balance during 2009. Lars Rhodin adds: "We have achieved improvements in all classes of business since early 2008. We are well positioned to put behind us the adverse conditions of 2008. We now have a clear mission: to grow our portfolio in a sustainable manner, to match premium income to risk exposure, to generate balances in all business areas and continue to refine our investment mix in challenging market conditions. We are resolved to make real progress in 2009." The Swedish Club The Swedish Club was founded in 1872. It is a leading mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight Demurrage & Defence, Hull & Machinery, Loss of Hire, War Risks and any additional insurances required by shipowners. The head office is located in Göteborg, Sweden, and branch offices are located in Piraeus, Hong Kong and Tokyo. As at 1 April the Club covered 1,260 vessels for P&I, 593 vessels for FD&D and 1,355 vessels for Hull & Machinery. The Swedish Club |
The Swedish Club results underline strength of core business