... The Swedish Club wrote its first Hull and Machinery policy on 13 December 1872. The first entered ship, the one-year-old steamship 'Orvar Odd', was insured for a large sum at that time - over 50,000 Swedish crowns.
By January of the following year, 13 ships were covered for Hull and Machinery risks by The Swedish Club.
This success vindicated four local Masters to form a specialist mutual to cater to the new technology: steamships.
The Swedish Club's History at a Glance
150 years of Building Relationships
By 1910, demand for Protection and Indemnity (P&I) insurance was growing rapidly in Sweden - where shipowners were required to have protection against personal injury, loss of life and collision liabilities.
Despite an earlier reluctance to offer P&I insurance, the attractively titled Sveriges Ångfartygs Assurans Förenings Delägares Ömsesidiga Försäkringsbolag ‘Protection & Indemnity’ was founded on 7 December. This proved to be one of the most important developments in the Club's history.
Forty years later, the P&I Club was amalgamated with the Hull Club in a first step towards creating the total service concept offered by the Club today.
The break of war in 1914 presented the Club with new challenges and opportunities. The Club continued to offer hull cover for members during the war and assisted members by arranging war cover.
The Second World War also passed without significantly disrupting the Club's activities. The only significant change in the following years came in 1969, with the development of a new hull reinsurance programme - an excess quota share treaty placed mainly with Lloyd's of London.
During the 1970s, Swedish shipowners, until then the mainstay of the Club's success, sold vessels, preferring to charter-in tonnage. In response, the Club ventured into the international market. In early 1971, the "Flowergate", owned by UK-based Turnbull Scott Ltd, became the first non-Swedish vessel to enter the Club for Hull and Machinery cover. This marked the start of a comprehensive internationalisation of the Club. Two overseas offices were opened in quick succession, the first in Piraeus (1980) and the second in Hong Kong (1982).
The Importance of Loss Prevention
Loss prevention, a priority for the Club since it pioneered pre-entry surveys in 1872, was significantly enhanced in 1994, when The Swedish Club and other founder members, including the Swedish and Norwegian Shipowners' Associations, launched the Bridge Resource Management scheme.
This course is now labelled Maritime Resource Management (MRM), managed by The Swedish Club Academy, a subsidiary of The Swedish Club, formed in 2010.
FD&D (Freight Demurrage & Defence) was introduced in 1984 to support members with in-house legal support and cost insurance.
The Club continues to grow, and in 2010, a small office in Oslo was opened, focusing on Energy. The office has moved to larger premises to expand the business in Norway. We established an office in London in 2015 to forge closer links with this important maritime centre.
In August 2022, we opened a new office in Singapore to serve the growing markets in Asia.
Throughout the years, The Swedish Club has strived to be at the forefront of developments in the shipping industry. To be a successful company, it is essential to change with the times, which the Club proactively works with daily.