At its meeting in Florence on 7 June 2013, the Committee was informed of the status of the Association and was impressed by the club's positive development and strong financial standing, being the only club in the International Group with a consecutive 10-year positive underwriting result. The Committee noted that in challenging financial, shipping and insurance markets, the club's strategy of diversification alongside strong underwriting discipline has been rewarded with results stronger than many others in the market. Financial Year 2012/13 The Board of Directors' report and Statement of Accounts for the Association were reviewed and approved. The Committee recommended that the Board of Directors' report and Statement of Accounts are adopted at the Annual General Meeting. Full accounts are available on the Skuld web site. The Annual General Meeting will take place in Oslo on 29 August 2013. The Committee noted that claims for the Association were in line with forecasts, but that Pool claims generated during 2012 had been more expensive than anticipated. Although Skuld had no Pool claims for 2012, Skuld, along with all other clubs, has to contribute, in line with the obligations of the pooling system. This reduced the underwriting result for 2012, but due to the diversified book of business, the Association produced a positive technical result of USD 1 million. The net financial result for the accounting year 2012 produced a profit of USD 18 million. The surplus will be transferred to the contingency reserves, which now stand at USD 308 million. Policy Year 2013/14 The Committee supported the continued strategy of diversification, and the positive development of the Association's Syndicate at Lloyd's, Skuld 1897, where results are improving and growth in 2013 is anticipated with an estimated premium of more than GBP 60 million. Skuld Offshore is developing ahead of expectations and has achieved a good increase in the portfolio with prestige clients and operators in