Press release - First virtual AGM for The Swedish Club
The Swedish Club made history today when it conducted its 148th AGM virtually, live from Gothenburg Sweden. In support of global efforts to suppress the COVID-19 pandemic the Club reached out to members, business partners and staff around the world via video conferencing.
Lars Rhodin, Managing Director of The Swedish Club, presented the Club’s 2019 results. These delivered according to plan with an operating result of USD 24.6 million and an increase in free reserves of 12% to USD 228 million. The Club’s combined ratio continued to perform well, running at an average of 99% over 7 years.
“The current COVID-19 situation has a serious impact on the global marine market with regards to investments, insurance operation, business development and work environment,” said Lars Rhodin. “However, we believe that COVID-19 related claims will not have a material influence on The Swedish Club’s final 2020 results.”
The Swedish Club continues to strengthen its focus on the development of digital tools to increase efficiency and service to its members. The latest Trade Enabling Loss Prevention (TELP) programme has developed and responded to current market conditions, supporting the Club in its commitment to enhance safety at sea.
“Looking ahead, we see a hardening market for the Marine business and the Club is well positioned for further P&I opportunities. People rise to the occasion even in bad times,” continued Rhodin. “We are all learning from the current COVID-19 situation, and we continue to do our utmost to adapt and move forward.
“Marine insurance is a people business and we look forward to meeting members, brokers and business partners again as soon as circumstances permit.”
Rhodin welcomed Mr. Herbert Xu, Vice President of China Merchants Energy Shipping, who was elected to the Club’s Board of Directors by the Annual General Meeting.
Photos: The Swedish Club
You can watch the recorded meeting by clicking on the below link and using the pin code 1872.
For further information please contact Debra Massey on +44 1296 682675, email: email@example.com
Notes to Editors
The Swedish Club was founded by shipowners in 1872 and is today a leading and diversified mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight, Demurrage & Defence, Hull & Machinery, Hull Interests, Loss of Hire, War Risks, and any additional insurances required by shipowners or charterers. It also writes Hull & Machinery, War risks and Loss of Hire for Mobile Offshore Units and FPSOs.
Its head office is located in Gothenburg, Sweden, with branch offices in Piraeus, Hong Kong, Tokyo, Oslo and London.