... 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, a total of 13 ships were covered for Hull and Machinery risks by The Swedish Club.
This success vindicated the decision by four local Masters to form a specialist mutual to cater for the new technology: steamships.
The Swedish Club's history at a glance
Developing new areas
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 8 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 outbreak 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 major disruption to 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 and in early 1971 the “Flowergate”, owned by UK-based Turnbull Scott Ltd, became the first non-Swedish vessel entered in 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 back in 1872, was greatly enhanced in 1994, when the Bridge Resource Management scheme was launched by The Swedish Club and other founder members, including the Swedish and Norwegian Shipowners’ Associations.
This course is now labelled Maritime Resource Management (MRM) managed by The Swedish Club Academy, a subsidiary of The Swedish Club, which was 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 in order to expand the business in Norway. We established an office in London 2015 to forge closer links with this important maritime centre.
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 and that is something the Club work with proactively every day.