SKULD and SWEDISH CLUB join forces

Managing Director Douglas Jacobsohn of Skuld Oslo comments to Aftenposten
- "the competition in our branch is hard and members requirements of liability limits steadily increasing. Minor participants are rather vulnerable. For instance, the daenish shipowner Maersk is one of our most important members with a liability limit of approx 1 - one billion Us dollars. A smaller capital basis is consequently not feasible -.

Chairman of Skuld, Erik Gia, confirms that Skuld an Swedish Club have signed a LOI and pt due diligence procedures are taking place in both companies and their boards will decide. The new company will be the third biggest maritime mutual assurance association of the world, measured by capital basis, only superseded by norwegian GARD and british BRITANNIA. The total principal sum will amount to Usdll 250 Mill and the two assurance companies cover the liability of 7500 vessels, equivalent to 80 Mill tonn gross.

Douglas Jacobsohn, the swede that became Skuld's managing director in year 2000 is further informing
- Over the last three years we have earned more than Usd 100 mill and three doubled free reserves from about Usd 50 mill to Usd 170 mill. One of the major reasons for the improvement of the economy in Skuld is the implementation of a good modell of an accounting risk monitor. Furthermore there are less averages and owners precautional endeavours to avoid damages, have become more important and no shipowners can afford vessels being idle, when the shippingmarkts are at their peaks.

Both Gia and Jacobsohn are optimistic as to an amalgamation to take place and also the management of the Swedish club reveals the same attitude.

There are indications that the head office of Skuld Oslo will be moved to Gothenburg with Jacobsohn as managing director. Totally Skuld has 150 employees world wide, of which some 90 employees work at the city of Oslo, which still will remain as the biggest branch.