Skuld, a leading marine insurance provider, today announced a robust bottom line result of USD 29 million for its 2013 financial year.
At the end of the year, Skuld's contingency reserves stood at a new record level of USD 335 million. Gross earned premium in 2013 amounted to USD 379 million, representing an increase of 19% in the P&I and commercial businesses combined.
That premium growth leaves Skuld well on track to reach its goal of USD 500 million in written premium in 2015. Controlled growth has earned Skuld a clean 'A' rating from Standard & Poor's, an important validation of financial strength.
Douglas Jacobsohn, Skuld CEO and president said: "a strong financial position, growth from commercial operations and innovation in services will remain the key objectives for Skuld's leadership. The 2013 result further validates and enforces Skuld's long term strategy of premium growth through the competence and service of its people combined with further diversification into new products and geographical areas."
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