Marine insurer Skuld reported a financial result of US$21 million for the year ended February 20, 2025, a significant drop from the previous year’s US$126 million. The decrease was attributed to higher claims activity in the second half of the year, despite a notable increase in gross earned premium to US$578 million, up US$51 million from the previous year.
Skuld credited the premium growth to gains across both mutual and commercial lines, as well as a positive outcome during the renewal season. However, the insurer saw a rise in claims, particularly in protection and indemnity claims in February. The number of large claims exceeding US$1 million on Skuld’s own book increased, and the insurer’s share of claims pooled through the International Group of P&I Clubs had a substantial impact on the result.
Financial Highlights
Investment income totalled US$96 million, generating a portfolio return of 7.3%, with contributions from both equity and fixed income holdings. Skuld stated that its financial and solvency position remains stable, with contingency reserves standing at US$562 million. The insurer continues to operate above both regulatory and internal solvency thresholds.
Business Developments
Headquartered in Oslo, Skuld is one of 13 members of the International Group of P&I Clubs. The insurer provides liability and hull cover to shipowners, charterers, and operators worldwide through its mutual P&I operations and commercial insurance arm, which includes a Lloyd’s syndicate and offices in Europe, Asia, and the Americas. During the recent 2025/26 renewal, Skuld reported a 6% increase in mutual P&I gross tonnage, reaching 122 million GT. The company also applied a 5% premium credit to members renewing vessels entered during the 2023 policy year.
Skuld has continued to expand across additional marine insurance lines, including hull and machinery, charterers’ liability, energy, and freight, demurrage, and defence (FDD). In April 2025, the company appointed Nicola Mason as global head of defence to strengthen its legal support services. In March, Skuld contributed to the Poseidon Principles for Marine Insurance 2025 disclosure report, aligning with the IMO’s updated greenhouse gas strategy and broader industry decarbonisation targets.
Management Commentary
Commenting on the results, Skuld president and CEO Ståle Hansen said the company remains ‘financially robust’ and continues to build on its ‘strong market momentum’ following the 2025/26 renewal.
