At its meeting in Scotland 20 May, the Committee received reports on matters of importance to the association’s business and was pleased to note that the club’s balance sheet is stronger than ever before.

2010 Financial year

The Board of Directors’ report and accounts for the association were approved by the Board and Committee. Full accounts will be available on our web in August 2011 prior to the Annual General Meeting which will take place in Oslo 1 September 2011.

The net financial result for the accounting year 2010 showed a profit of USD 65 million, compared to a result of USD 57 in 2009. The surplus will be transferred to the contingency reserve, which will stand at USD 266 million.

Review of Policy Years

2008/09 Policy Year
The Committee decided that the policy year 2008/09 will be closed without calls 1 September 2011 at the association's Annual General Meeting.

2009/10 Policy Year
No supplementary call is anticipated. The Committee is expected to close the year at its spring meeting in 2012.

2010/11 Policy Year
The year will be kept open until 2013.

Elections

The association’s Board of Directors is elected by the Committee in accordance with statute 1.5.2. The following were elected and re-elected to the Board:

Elected new Chairman for a one year period until 2012

Klaus Kjærulff, independent, Denmark

Re-election for a two year period until 2013

Klaus Kjærulff, independent, Denmark
Ulf G. Ryder, Stena Bulk AB, Sweden
Sergey Popravko, Sovcomflot, Russia

New members elected for a two-year period until 2013

Bernt O. Bodal, American Seafood’s Group, USA
Frank G. Jensen, Clipper Group AS, Denmark

The Board of Directors of the association will consist of the following members

Mr. Klaus Kjærulff, Chairman, independent
Mr. John P. Tavlarios, General Maritime corporation
Mr. Peter Wilsund, A.P. Møller
Mr. Trygve Seglem, Knutsen OAS Shipping
Mr. Sergey Popravko, Sovcomflot
Mr. Ulf G. Ryder, Stena Bulk AB
Mr. Manfredi Lefebvre D’Ovidio, Silversea Cruises Holding Ltd.
Mr. Bernt O. Bodal, American Seafood Group
Mr. Frank G. Jensen, Clipper Group AS
Mr. Claus Spinding, employee representative
Ms. Simone Trondal, employee representative

Increased volume:

Traditionally, the growth of the club has been measured in increased volume in GT. However, we are of the opinion that measuring volume in GT will not indicate the real growth of the club. Going forward, we will measure our growth in terms of our increased top line in way of premium.

As you will see from the graph below Skuld’s gross premium has grown with an average of 13% since 2005, and the year 2010 was no exception. 

Yours faithfully
SKULD


Douglas Jacobsohn
President & CEO