Skuld’s Board of Directors met in London on 6 November 2019 to discuss the upcoming P&I renewal for the policy year starting 20 February 2020. It was noted that: The first six months of the 2019/20 policy year showed a small surplus, supported only by investment income. The mutual underwriting performance showed a combined ratio of 112%, driven by an increased number of larger claims from members, an increasing level of attritional claims, and a notable increase in pool claims activity within the International Group of P&I clubs. After benign premium movements over a number of years current premium rates are not sustainable and do not adequately support either attritional or large claims exposures. While Skuld continues to have a clear focus on underwriting business in a balanced manner, as reflected in the ability to produce a positive combined ratio for the past 16 years, a meaningful contribution to Skuld’s strong capital position has been derived from investment returns. Skuld will continue its commitment to focus on underwriting business that is sustainable in the short, medium and long term. Skuld will not, given the level of volatility experienced in the global investment market, rely on investment returns to subsidise negative underwriting results. In order to protect Skuld’s financial standing and to ensure the long-term sustainability of the mutual portfolio, the Board has directed management to adequately address the challenging underwriting performance during the upcoming renewal negotiations. Skuld has not adjusted premium levels for the mutual portfolio by General Increase for nearly 10 years now. That being said, Skuld does expect renewal discussions to be firmer on necessary rate adjustments than in previous years, given the overall performance of the mutual portfolio. Members will continue to be assessed on their individual performance and with focus on a fair allocation of premiums within the different segments of the membership. Furthermor