Skuld today announces a positive bottom-line result of USD 20 million at the end of the nine months ending 20 November 2015, including the provision of a new mutual members' credit of USD 5 million. Highlights of the nine months: bottom line result of USD 20 million (2014: USD 5 million) contingency reserves at record high of USD 354 million introduction of guaranteed premium credit for mutual P&I members Skuld president and CEO Ståle Hansen said: "After nine months the bottom-line ended at USD 20 million, which includes provision for a mutual members' credit of USD 5 million. This is a USD 11 million improvement since the six months figures and a USD 15 million improvement compared with the same period last year. Skuld's contingency reserves now stand at a record high of USD 354 million. "Skuld's chosen path of diversification is bearing dividends and we are seeing a positive contribution from the commercial lines of business and a positive run-off on older claims years. These are all drivers for the positive bottom line result. "For the mutual P&I line of the business we have seen stable growth in gross tonnage [GT]. The fierce competition for newbuildings continues. Although we have seen fewer claims in excess of USD 1 million this year compared with 2014, the pressure on premium levels challenges the ambition for a balanced result for the mutual P&I cover. The overflow of capacity in the insurance industry continues to put pressure on premium levels for the commercial products as well. However, a benign claims environment in 2015 has contributed to a strong performance from this line of business. "Earlier policy years for Skuld 1897, our syndicate at Lloyd's, are developing positively and contributing to the positive bottom line. "In spite of the volatile financial markets in 2015 net investment income has added a marginal positive contribution." In November 2015, and based on Skuld's favourable 2015/16 underwriting result after nine months, Skuld an