Willis Marine P&I 2016

Skuld | www.skuld.com

Owned mutual tonnage increased by 5.4%
Premiums reduced by 0.3%
Gross and net paid claims reduced by 7.1% and 0.2% respectively
Net incurred claims reduced by 6.1%
USD 22.1 million underwriting surplus (a huge increase from the USD 0.79 million surplus in 2014/15)
Investment loss of -1.6%
Overall surplus of USD 13.0 million
Net Assets increased by 3.2%, Free Reserves increased by 3.9%

Skuld provide almost no breakdown of the financial year figures for their Lloyd's Syndicate, which are included within the overall results summarised above.
The only indication of the overall perfomance of the Syndicate disclosed by Skuld is their policy year statements. These show that in the 2015 policy year, the syndicate lost USD 9.3 million with syndicate operating expenses of USD 24 million.

	2013/14	2014/15	2015/16
Income and Expenditure
Calls and Premiums	379,391	411,246	409,980
Reinsurance Premiums	-56,557	-63,622	-56,663
Operating Expenses	-73,321	-87,781	-87,971
Operating Income	249,513	259,843	265,346
Gross Paid Claims	228,707	253,654	235,648
Net Paid Claims	192,171	224,598	224,197
Net Change in Provision for Claims	53,383	34,459	19,079
Net Incurred Claims	245,554	259,057	243,276
Technical Surplus (Deficit)	3,959	786	22,070
Investment Income	25,099	12,718	-9,035
Overall Surplus for Year (Deficit)	29,058	13,504	13,035

Balance Sheet
Net Assets	804,442	844,488	859,755
Net Outstanding Claims	470,159	497,578	511,526
Free Reserves	334,283	346,910	348,229

Entered tonnage (GT) in millions	2014	2015	2016
Owned / Mutual	75.9	74.0	78.0
Skuld, probably sensibly, do not advise the entered tonnage on chartered and offshore business, however the premiums for these classes are as follows:
Chartered Premium (USD millions)	55	50	50
Offshore Premium (USD million)	44	49	35*

S&P Rating History	2014	2015	2016
	A	A	A

Average Expense Ratio (AER)	2013/14	2014/15	2015/16
Five years ending 20 February	12.3	12.9	12.8

*Willis Towers Watson estimate for 2016