TSC Annual Report 2024 final - Flipbook - Page 13
Chairman’s report
supporting his initiatives. My most important contribution
has been to bring an external perspective, ensuring that
the Club aligns with shipowners’ needs and expectations.
Over the past 18 months, our focus has been on
energising the Club’s workforce and fully utilising its
talent. We have realigned responsibilities, enabling
some of our most experienced team members to take
on new roles, often in different locations. We have also
welcomed new talent, bringing fresh perspectives that
have had a positive impact.
We want our employees to feel empowered, con昀椀dent
in questioning the status quo, and proactive in
contributing to the Club’s success.
Strengthening Compliance and Financial
Resilience
In response to growing regulatory complexity, we
have strengthened our compliance and legal teams.
While we do not dictate where our members operate,
we provide expert guidance on risk management,
sanctions, and evolving regulations.
Financially, we have achieved our twin objectives of
balanced underwriting and maintaining a combined
ratio of 100 or below. In 2024, our strategic investments
delivered strong results, increasing free reserves from
USD 184 million to USD 217 million, while our solvency
ratio improved from 171% to 186%.
Our financial strength has been recognised
externally. In January 2025, AM Best reaffirmed
our A- rating and revised our outlook to stable,
reflecting our sound financial position and prudent
management. One of our key objectives in our threeyear strategic plan is to regain an A rating with S&P,
and we are already seeing positive signs that we are
on track to achieve this.
Decarbonisation and ESG: The Future of
Shipping
Decarbonisation remains a de昀椀ning challenge for
shipowners and operators. With the International
Maritime Organisation (IMO) setting revised greenhouse
gas (GHG) targets and the EU’s Emissions Trading
System (ETS) taking effect in 2024, the pace of
change will depend on both regulatory pressure and
technological innovation. While opinions on Net Zero
policies fluctuate across political and social landscapes,
the trajectory is clear. Many recall concerns about
fuel availability and cost before the Sulphur Directive
2015, yet the regulation has been successfully
implemented. The same will likely be true for some
future environmental regulations.
Beyond decarbonisation, broader ESG topics remain
high on our agenda. We are proud to have achieved
gender balance among our employees, though we
recognise the need for greater diversity at the board
level. Additionally, as board responsibilities grow in both
scope and complexity, one of my key goals for 2025 is
to ensure that board meetings are conducted ef昀椀ciently,
focused, constructive, and inclusive of all perspectives.
Looking Ahead with Con昀椀dence
Reflecting on 2024, I am proud of The Swedish Club’s
achievements and the dedicated work that has
made them possible. Our team has grown, and we
strive to ensure that every employee feels valued and
empowered. We are con昀椀dent that our disciplined
approach to underwriting and investment will continue
to drive strong results, enhance our 昀椀nancial ratings,
and support our members.
These successes are a testament to the resilience of
The Swedish Club’s team and the unwavering support
of our members. Thank you for your trust—we look
forward to navigating the future together.
The Swedish Club | Annual Report 2024
13
