Oslo, Norway-based marine insurer Assuranceforeningen Skuld has announced a guaranteed premium credit of at least 2.5% for all of its protection and indemnity members.
The insurer said Friday that members of its P&I club would receive a minimum credit of 2.5% of their mutual premium for the 2015/2016 policy year.
It said the exact percentage would be determined after the announcement of its financial results for the 2015/2016 year, but said that the credit was thanks to favorable results for the first nine months of the year.
Marine insurer Assuranceforeningen Skuld is diversifying its business to the nonmarine sector and has named veteran underwriter Michael Pritchard to head a Lloyd's of London syndicate, the Oslo, Norway-based protection and indemnity mutual said Tuesday.