Swedish Club fetes 25th anniversary in HK,plans to grow in Asia

THE SWEDISH Club, a mutual marine insurance company owned and controlled by its members, has unveiled plans to strengthen its presence in Asia as the firm celebrated its 25th anniversary in Hong Kong.

Events to mark its 25th anniversary included a reception for the shipping community at the Hong Kong Club last month, as well as a marine insurance seminar in mid-November.

When the Hong Kong office opened in late 1982 it was part of the expansion of the Gothenburg-based P&I and hull insurer's international business, when its business in Asia focused Hong Kong and Singapore. Today, its focus has expanded to include other markets in the region, particularly mainland China.

"The major change over the past decade has been the rise of China as a world economic power. China was always our key market for portfolio growth, but few could have envisaged the sheer scale and pace of the advances made in recent years," said managing director Ruizong Wang.

"The club's Asian portfolio has grown very well over the past 25 years. The business administered through 'Team Asia' based in Hong Kong and Japan, now represents one-third of the club's total P&I entry for owned tonnage, around 85 per cent of P&I entry for chartered tonnage and half the total tonnage entered for freight, demurrage and defence," said Mr Wang.

Mr Wang said the Swedish Club's portfolio now consists of 841 vessels of 23.3 million GT entered for P&I, 4.2 million GT entered for charterer's liability, 515 vessels entered for FD&D and 1,929 vessels entered for hull and machinery cover.