Marine insurer Skuld has booked results of US$103 million for the year ended February 20, 2026, up from US$21 million a year earlier, with both underwriting and investments propelling one of the strongest showings in its history.
Gross earned premium climbed to US$615 million, a US$37 million increase year-on-year, supported by renewal activity and growth across the mutual and commercial portfolios.
Claims experience returned to more normalised levels during 2025/26 across mutual and commercial lines, as well as through the International Group of P&I Clubs' pooling system. Skuld registered one new pool claim in the period, with overall claims costs falling by US$74 million.
The combination of premium expansion and a steadier claims picture produced a technical result of US$20 million and a net combined ratio of 96%.
Contingency reserves stood at US$659 million at year-end, which Skuld said remains above all regulatory solvency thresholds. Its investment portfolio returned 8.7%, with positive contributions from global equities, fixed income and currency exposure.
The figures look stronger still against the wider P&I market backdrop. Gallagher data covering 2024/25, the prior policy year, showed the International Group posted an underwriting loss of around US$350 million and an average combined ratio of roughly 110%, weighed down by 23 pool losses costing the pool an estimated US$650 million to US$700 million.
Investment performance also lifted Skuld above its peers. Lockton noted in a market review that the IG's average investment return for 2024/25 was 6%, with five clubs, "notably Skuld, Steamship, and UK," using investment income to offset underwriting losses that year.
Skuld's renewal stance also diverges from much of the field. Lockton said in its 2026/27 renewal review that general increases averaged 6% across the IG, with seven of the 12 clubs requesting 5% increases and Steamship Mutual and the American Club setting the highest at 8%. All clubs except Gard required higher standard deductibles.
Skuld did not apply a general increase, opting instead to underwrite individually while targeting an overall 5% uplift, broker analysis from Gallagher noted.
The mutual grew owners' tonnage by 6% year-on-year to 128 million GT, with the book expected to push closer to 140 million GT during the upcoming policy year. Gard, by comparison, ended the same renewal at 311 million GT.
Skuld said sustainability remains central to its strategy, with resources directed towards new fuels and technologies and their implications for shipping operations.
Chief executive Ståle Hansen called the figures "the second-strongest result in its 129-year history, reflecting the high quality of our members and clients," adding that the technical outcome pointed to disciplined underwriting and prudent risk selection.
On the wider operating backdrop, Hansen said that against a geopolitically uncertain environment, "diversification is not simply a strategy, it's a core source of resilience."
