Swedish Club reports volatility in investment
After Q1/2019, the Swedish Club stated that investments in the sector were very volatile with equity markets in free fall during December 2018. As a result, a negative investment return of -1.6% was recorded at the end of December. Profits in the underwriting business covered at least part of these losses.
However, the overall result amounted to a deficit of USD -5.2 million before the P&I discount of 5%. All the loss in investment was recovered by the end of January 2019.
The club retained an increase in members and volume at the renewals for 2019 and raised its financial strength as an insurer and its issuer credit ratings on the Swedish Club to A- with the outlook remaining stable. The most recent board meeting was held in Hong Kong. (kd)