Marine insurer Skuld posted a strong outcome at the 2026/27 protection and indemnity (P&I) renewal, with mutual owners' tonnage up 6% year-on-year and a record pipeline of committed new business.
The company's owners' mutual P&I book has grown to 128 million gross tonnes (GT) for the 2026/27 policy, a 6% increase in tonnage compared with the prior renewal. The company said this reflects its ability to retain "quality tonnage" while winning new business from shipowners seeking strong service.
Through the upcoming policy year, Skuld said it expects the mutual book to move “close to 140 million GT” as committed new entries come on risk.
The company is one of 12 member clubs of the International Group of P&I Clubs, which collectively provides marine liability cover for about 90% of the world’s ocean-going tonnage. Because of this, tonnage growth has become a key competitive metric, with peers such as Gard recently reporting mutual P&I tonnage of 311 million GT following its own 2026 renewal.
Diversification strategy continues to pay off
Beyond mutual P&I, Skuld reported continued expansion across its diversified marine and energy portfolio, including hull and machinery, charterers’ liability, energy, fixed P&I and freight, demurrage and defence (FDD). The club has long framed this multi-line strategy as a way to smooth earnings through the P&I cycle and support capital strength.
In August 2024, Standard & Poor’s reaffirmed Skuld’s ‘A’ financial strength rating with a stable outlook, citing expectations that the club would maintain capital adequacy at an “excellent” level and deliver combined ratios close to breakeven over the following two years. That capital position and rating profile remain important differentiators as International Group clubs continue to navigate higher reinsurance costs, large-loss volatility and geopolitical risk exposures.
Record new business, Asia focus and broker partnerships
Commenting on the renewal, Skuld president and CEO Ståle Hansen highlighted both the scale and the quality of incoming business, as well as the role of the club’s regional build‑out and broker relationships.
“The renewal was further strengthened by a record level of committed new business across the group, reflecting Skuld’s strong global network and long-term strategic focus, particularly in Asia and through close collaboration with major broking houses," he said. "New members include high-profile operators, reinforcing Skuld’s strong competitive position in the P&I market."
Asia has been a focal growth region for several International Group clubs as trade flows, fleet ownership and shipbuilding capacity continue to shift toward Asian markets. Skuld already operates an international office network and participates in the International Group pooling and reinsurance arrangements, giving members access to very high limits for third‑party liabilities such as pollution, personal injury and wreck removal.
Renewal outcome against a shifting risk landscape
Skuld’s positive renewal comes as P&I providers grapple with heightened geopolitical and regulatory complexity, from Red Sea disruption and sanctions exposures to evolving environmental and safety regimes driven by the International Maritime Organization and regional authorities.
The club recently updated its 2026 P&I rules, which reflect its participation in the International Group’s pooling agreement and set out membership, cover and premium structures for the new policy year from 20 February 2026.
Within that environment, Skuld’s latest figures on tonnage growth, diversification and capital strength position the Oslo-headquartered club as one of the mid‑sized but growing players in the global P&I market, competing alongside larger mutuals and consolidated groups such as NorthStandard and Gard for high‑profile owners’ business.
