Gothenburg-based marine mutual The Swedish Club has closed its 2026 protection and indemnity renewal with a 99% member retention rate, as new entered tonnage rose by nearly 8% over the preceding 12 months.
The percentages are a meaningful reversal after the club reported a slight decline in overall entered tonnage at its prior renewal.
The result was attributed to organic membership development and selective new business transfers, with a pipeline of additional tonnage scheduled to enter throughout the year.
Founded by shipowners in 1872, The Swedish Club operates from its Gothenburg headquarters across five international offices in Athens, Oslo, London, Hong Kong, and Singapore.
The club writes a diversified portfolio spanning P&I, Freight, Demurrage & Defence (FD&D), Hull & Machinery, Loss of Hire, and War Risks, and has disclosed in its own terms circular that it currently insures approximately 7,100 vessels on its Hull & Machinery book alone.
The renewal follows the club's approval of a 5% general increase for both protection and indemnity and FD&D for the 2026/27 policy year — a subtle hardening from the prior year, when the equivalent increase applied to P&I premiums only, with no rise levied on FD&D.
The decision was taken against a backdrop of lower claims frequency and relatively benign large-loss experience, though the average cost per claim remained elevated against longer-term loss-cost patterns across the mutual market.
Chief executive Thomas Nordberg (pictured above) described the pricing stance as necessary to ensure stable results for shipowner members, with the club to focus on "steady and responsible growth, backed by governance oversight, member engagement and continued operational discipline."
As one of the 13 members of the International Group of P&I Clubs - which collectively insures approximately 90% of the world's ocean-going tonnage - The Swedish Club occupies a mid-tier position by capital scale.
Gallagher's financial results summary for 2024 recorded the club's free reserves at $206.2 million, up $29.9 million from the year prior. By comparison, the group's largest member, Gard, covers around 250 million gross tons.
Separately, Marsh noted - prior to the current renewal - that The Swedish Club had reported a technical profit in 2024, a relatively rare achievement across the International Group, and that entered tonnage had grown modestly over the preceding five-year period. Both observations predate the current result but provide useful financial context.
Nordberg said the renewal outcome "reflects the hard work and dedication of our teams across the organisation," adding that growth at the club is "balanced and disciplined, built on strong partnerships, high service standards and a clear ambition to deliver long-term value."
