“ But in the end, it’s only a passing thing, this shadow. Even darkness must pass. A new day will come. And when the sun shines it will shine out the clearer .” J.R.R Tolkien – Lord of the Rings Dear friends of Skuld, I hope you are keeping well and safe during these extraordinary times. As I am writing this, our entire global organisation is working from home for what is the fourth week. I am very pleased to see that it is working well, obviously it is not optimal, but it is working well. All staff have access to all systems and can perform their daily tasks from home. We have moved all internal meetings on to digital platforms using Zoom, Skype and Teams. Several webinars and meetings have been performed successfully with members, clients and brokers by video conference and I must say the spirit and motivation in our organisation remains high. All leaders in Skuld are taking good care of their teams. Many of our members and clients are facing extraordinary challenges these days and we are doing our best to assist. We have noted a significant increase in COVID-19 related queries, claims and disputes. Internally we are allocating resources across our global office network to support those offices that face the highest workload. We do understand that the current situation where many of our members and clients are working from home can slow down processes and we are therefore allowing increased flexibility when it comes to outstanding premium and deductible payments for those who need it. Skuld is not unaffected by the situation. We do anticipate a slowdown in global trade thus vessels being laid up in the coming months and this will lead to a reduced level of premium income. At the same time we expect claims costs will go up due to COVID-19 related cases. The current turbulence in the financial markets is no doubt affecting our investment portfolio. However, Skuld is still in a strong position both operationally and financially. We are well above all solvency require