The annual meeting of Skuld Mutual Protection and Indemnity Association (Bermuda) Limited, held last week in Singapore, approved the financial reports and the election of the directors of the Bermuda association, including the re-election of Mr Klaus Kjærulff as chair until 2025.

Skuld Bermuda produced exceptional positive annual results stemming from a successful renewal and committing tonnage and an unusual benign claims level both on own account and reported pool claims.

Skuld has continued the growth journey with strategic initiatives in important shipping sectors and geographical markets.

The Skuld committee further noted the positive technical result of the Bermuda association and an impressive investment result.

The Skuld board meeting in May reviewed the policy years for the association and decided on release calls for the open years.

At the committee meeting last week, the closure of the 2021 policy year was recommended.

Skuld continued to be in a financially strong position which was presented in the annual results as of 20 February 2024.

The committee noted that the association had a technical result of $60 million as a result of the renewal and low number of reported pool claims.

In addition, the net investment income was at $74 million. The contingency reserve was reported at $551 million, and the combined ratio was at a record low of 86 per cent.