The Swedish Club has announced a positive first half of the year, with an insurance portfolio that continues to develop strongly in terms of both volumes and quality. It has delivered a profit of USD 16 million and a combined ratio of 98%.
Encouraging developments during the year in terms of insurance results and investment contributions have resulted in improvements to the Club’s free reserves, which now stand at USD 166 million.
Thomas Nordberg, Managing Director of The Swedish Club says: “We have achieved this as a result of continued strong loyalty from our members and brokers and a programme of structured and systematic efforts to enhance the quality of the insured fleet. The Club will maintain these efforts through the course of the year to continue this momentum and positively impact the overall insurance results and the portfolio profile going forward.
“We are also in the final stages of developing and enhancing our portfolio with new products designed to meet the developing needs of the market as it looks towards a future of continued geopolitical unrest, rapid digitalisation, and increased regulation in many areas of operation. This will ensure that we continue to provide the best-in-class service and support for which the Club is known,” he adds.
During the first half of the year, the Club has implemented changes and developments to strengthen the global organisation and the management team, already yielding positive outcomes. The Club will continue to drive this process with a focus on continued organisational, operational and product-offering improvements across the business.
The Club continues to take steps to strengthen its regional presence. From 1 September 2023, the Club will grow and relocate its London office as part of an increased focus on the important London market.
Source: The Swedish Club