Continued strong performance to support growth target at renewal: Skuld

Discussing the upcoming P&I renewal for the policy year starting 20 February 2024, Skuld’s Board of Directors noted that the firm’s growth strategy is working, contributing positively to its overall performance, with premium income expected to surpass $500 million at year-end.

Skuld’s Board of Directors met in Hamilton, Bermuda, on 15 November 2023, to talk over the P&I renewal, where they noted that the performance of the mutual product “continues to improve, and a balanced underwriting result is anticipated.”

The firm’s Board of Directors also suggested that year to date, there has been an absence of large claims.

However, it was observed that there has been a significant level of volatility in the investment markets and that inflation is having an effect on the running of the business.

“The Board agreed that the strong performance will continue to support Skuld’s long-term growth target in the coming renewal as well as the years ahead,” the firm explained.

Skuld continued, “Anticipating a more normalised claims environment going forward, the Board continues to support the strategy of individual rate adjustments based on performance without a general increase and will be aiming for an overall adjustment of 5% of the Estimated Total Call (ETC).

“Any adjustments to the International Group Excess of Loss reinsurance programme will be added separately.”

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