EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 18
MANAGING DIRECTOR'S REPORT
Striving
for
balance
Interview with Lars Rhodin,
Managing Director of The Swedish Club
“Despite initial forecasts of a 104% combined ratio, The Swedish Club finished
2021 with a figure of 129%. Within those figures, all classes except P&I were
generally in balance.”
The Club's strong reserves are there to
meet such volatility. The positive return on
investment partly offset the underwriting
deficit, says Lars Rhodin. Inadequate P&I
pricing is an industry-wide issue, as
demonstrated in the results for most
International Group members. In
announcing a 12.5% general increase, we
are confident we have taken a significant
step to close the gap.
“In short, 2021 is a year that sticks out
because of pool claims, a high number
of larger claims, and the impact of the
pandemic. Our strong financial standing
enabled us to manage the situation.”
At the start of 2022, S&P reconfirmed
the Club’s A- rating, albeit with a
negative outlook. In this adjustment, the
Club was not alone.
18
Adapting is key
lockdowns and other restrictions were
switched on and off across the Club’s
Rhodin says: “As a Club, we have continued various geographical locations, with
to work efficiently and productively
staff working from home or office as
throughout the pandemic, despite the
required and as possible.
constantly varying restrictions we have
faced. Our aim is to offer ‘best possible
“In 2021, we were able to start
service at all times’ and continue to focus
travelling once again, although on a
strongly on the sustainability of our
more limited basis than prior to the
business.”
pandemic,” says Rhodin. “While much
of our ongoing business can be carried
The Club has continued to cover P&I
out remotely, shipping and marine
claims, provide general advice and handle insurance are all about people and
complex FD&D disputes, often associated building relationships. Before the
with the pandemic. “All of our teams were arrival of the Omicron variant brought
well placed to adjust to new ways of
fresh restrictions, we enjoyed a
working, based on an already strong
fantastic reception from the members
digital infrastructure,” he says.
we were able to visit. The bureaucracy
involved for travel required extra effort
Throughout 2021, this way of working
but was always worth it.”
was effective and flexible, as
THE SWEDISH CLUB ANNUAL REPORT 2021