Marine insurer Skuld reported a financial result of US$21 million for the year ended February 20, 2025, down significantly from the prior year’s US$126 million as premium growth was offset by higher claims activity in the second half of the year.
Gross earned premium rose to US$578 million, an increase of US$51 million from a year earlier. Skuld attributed the growth to gains across mutual and commercial lines, alongside a positive outcome during the renewal season.
However, claims activity increased towards the end of the financial year, with a notable rise in reported protection and indemnity claims in February. The number of large claims exceeding US$1 million on Skuld’s own book grew, while the insurer’s share of claims pooled through the International Group of P&I Clubs also had a material impact on the result.
Investment income totalled US$96 million, generating a portfolio return of 7.3%, with contributions from both equity and fixed income holdings.
Skuld said its financial and solvency position remains stable. Contingency reserves stood at US$562 million, and the insurer continues to operate above regulatory and internal solvency thresholds.
Headquartered in Oslo, Skuld is one of 13 members of the International Group of P&I Clubs. The insurer provides liability and hull cover to shipowners, charterers and operators worldwide through its mutual P&I operations and commercial insurance arm, which includes a Lloyd’s syndicate and offices in Europe, Asia and the Americas.
During the recent 2025/26 renewal, Skuld reported a 6% increase in mutual P&I gross tonnage, reaching 122 million GT. It also applied a 5% premium credit to members renewing vessels entered during the 2023 policy year.
Skuld has continued to expand across additional marine insurance lines, including hull and machinery, charterers’ liability, energy, and freight, demurrage and defence (FDD). In April 2025, the company appointed Nicola Mason as global head of defence, in a move to strengthen its legal support services.
In March, Skuld contributed to the Poseidon Principles for Marine Insurance 2025 disclosure report, aligning with the IMO’s updated greenhouse gas strategy and broader industry decarbonisation targets.
Commenting on the results, Skuld president and CEO Ståle Hansen said the company remains “financially robust” and continues to build on its “strong market momentum” following the 2025/26 renewal.
