The Swedish Club reported an operating result of $48 million for 2025, marking the third consecutive year of positive financial performance for the Gothenburg-based mutual marine insurer.
The result comprised a $5m underwriting result, reflecting a 97% combined ratio, and a $43m financial result. The figures were attributed to disciplined underwriting, risk management, and capital management.
Free reserves rose to $270m from $216m the previous year, while the solvency ratio improved to 205% from 186%.
Thomas Nordberg (pictured), CEO of The Swedish Club, said the results reinforced the club’s ability to serve its membership through volatile market conditions.
“Capital discipline underpins confidence that the club remains dependable, particularly in more challenging conditions,” Nordberg said. “As trading patterns shift and operational demands evolve, members need continuity and clarity. A strong capital position enables us to respond consistently and support members when it matters most.”
The club cited geopolitical developments, regulatory change, and shifting trade dynamics as factors adding complexity to the global shipping environment, placing greater importance on sound fundamentals across underwriting, claims, and loss prevention.
“As a mutual insurer, our focus is on long-term stability and delivering consistent value to members,” Nordberg added. “Maintaining strong foundations allows us to navigate uncertainty and continue providing reliable support.”
The club closed its 2026 P&I renewal with a 99% member retention rate and nearly 8% growth in entered tonnage – a reversal from a slight tonnage decline at the prior renewal. Nordberg described the outcome as reflecting “steady and responsible growth, backed by governance oversight, member engagement, and continued operational discipline.”
In November, the board approved a 5% general increase for both P&I and FD&D for the 2026/27 policy year, citing elevated average cost per claim and an uncertain operating environment despite lower claims frequency and benign large-loss experience.
