Assuranceforeningen Skuld

Assuranceforeningen Skuld is an international mutual marine insurance company based in Oslo, Norway that specializes in protection and indemnity insurance. Total premiums for own account for the 2008 insurance year were USD 190 million. In addition to Oslo, Skuld has offices in Bergen, Copenhagen, Hamburg, Hong Kong, London, New York, Piraeus and Singapore.

Skuld was established in 1897 in Oslo. The name has its origins in Norse mythology according to which Skuld is one of the powerful goddesses known as norns who weave the threads of destiny. The purpose of the Association is "mutual insurance against liabilities and losses incurred by members in direct connection with the operation of the entered vessels".

As a mutual association, the club has no shareholders and is owned and controlled directly by its insured shipowners who are known as members of the club and are entitled to vote at the general meeting according to the gross tonnage of the ships entered in the Association. The members elect a Committee of between 12 and 30 members which meets twice a year, and a Board of Directors consisting of between five and nine members. The conditions of membership and terms of insurance are contained in the Statutes and Rules.

Skuld underwent a major restructuring in the period 2000 to 2003 which led to a substantial improvement in its financial strength and Standard & Poor's rating of A with a stable outlook. The Annual Report for the insurance year ending 20 February 2014 records total assets of USD 856 million and contingency reserves of USD 335 million. At the commencement of the 2014/2015 insurance year, owners' tonnage reached more than 80 million gross tonnes. Some 23% of the tonnage entered continues to be Scandinavian-controlled. Skuld is also a leading provider of charterers' liability insurance.