TSC Annual Report 2024 final - Flipbook - Page 18
Managing Director’s
Director Report
report
A Year
of Progress
and Strength
Thomas Nordberg, Managing Director,
The Swedish Club
The past year has given us much to be proud
of. We not only exceeded our 昀椀nancial targets
but also demonstrated resilience and strategic
foresight in navigating an increasingly complex
market environment. Our combined ratio across
all classes averaged 98%, re昀氀ecting disciplined
underwriting and operational stability, while our
free reserves grew from USD 184 million to USD
217 million. In recognition of our 昀椀nancial strength
and stability, AM Best rea昀케rmed our A- rating and
upgraded our outlook to stable—an a昀케rmation of
the solid foundation we continue to build.
It is important to take a moment to acknowledge these
achievements and absorb the positive momentum
they bring. This marks a signi昀椀cant step forward in our
ongoing 昀椀nancial recovery plan, which we launched at
the beginning of 2023. However, we are not resting on
our successes. There is always room for re昀椀nement
and growth. We remain committed to our strategic
roadmap, steadfastly pursuing our objectives—
including the ambition to regain our A-rating with S&P.
This remains a work in progress, requiring unwavering
focus and discipline.
In 2024, The Swedish Club embraced the theme of
‘Embracing Change’—not just as a slogan, but as a
guiding principle embedded within our culture. Over
the past year, we have implemented organisational
improvements, enhanced operational processes, and
sharpened our focus on regional of昀椀ces. This mindset
encourages every member of our team to be proactive—
observing industry developments, anticipating shifts,
and responding strategically to unforeseen challenges.
18 The Swedish Club | Annual Report 2024
