Norwegian Hull Club publishes Q1 2019 Report
May 29 2019
The 1st Quarter Report 2019 for Norwegian Hull Club shows a result for the period of minus USD 11.1 million.
The technical result of insurance operations was minus USD 24 million, while the result from investment income and other financial items was USD 13 million.
Hans Christian Seim, CEO, said the Q1 results showed “the inherent risk and volatility in marine and energy insurance, with both The Club and the market in general being hit by several medium-sized claims”.
He added: “No trends have been identified that cause concern; our risk appetite and capital robustness are calibrated to absorb the peaks we experience over the long term. Norwegian Hull Club’s position in the market continues to strengthen along with a hardening market, so our course remains unaltered.
“We will focus on continuing our strategy of further developing The Club’s sustainable insurance portfolio. Investment income contributes on the positive side, reflecting the benefit during this period of diversifying the overall risk.”
Equity stood at 292.6 million at the end of March 2019.