Skuld today announces a bottom-line result of USD -15 million for the financial year ending 20 February 2022. The combined ratio improved year-on-year to 107%. Volatility and market fluctuations in the financial markets led to an investment loss not sufficient to cater for the overall cost of claims and the club’s underwriting result landed on USD -30 million. This year’s result reflects another extraordinary year where the Covid-19 pandemic influenced the whole sector. As we entered the 2021/22 policy year, marine insurance was weighed down by a general pricing imbalance and premium levels were insufficient to cover the rising cost of pool and club claims. In response, mutual P&I premium adjustments necessary to restore balance and agreed by Skuld’s board in the February 2022/23 renewal, were met. Skuld’s financial and solvency position is strong, and the contingency reserve now stands at USD 430 million. Skuld remains well above all regulatory solvency requirements and is aligned with its own stricter internal solvency targets as set by the Board. Ståle Hansen, Skuld president and CEO, said: "Behind us lies another extraordinary year. The Covid-19 crisis has had many consequences for the insurance sector and ocean industries. In response, we met the February 2022 renewal targets agreed by Skuld’s board and achieved the mutual P&I premium adjustments necessary to restore balance. Despite that work, the generally hardening market alone is insufficient to maintain balance. We are intent upon bolstering Skuld’s robust financial position, so our diligent work to optimise our portfolio and return to positive underwriting results continues. Keeping service levels high for our membership and clients also in challenging times is always a priority for Skuld. “I am pleased to see that the positive contributions from our commercial operations continue as our overall diversification and growth strategy remains, as does our careful selection of quality tonnage. Despite