A.2 How it started
A shipping boom towards the end of the nineteenth century resulted in the rapid expansion of Swedish shipowning and, by the early 1870s, in the investment in steam propulsion. On 7 December 1872, the first general meeting of the Sveriges Ångfartygs Assurans Förening – which later became known internationally as The Swedish Club – was held. Applications for 26 steamships to join this new hull mutual were received.
By the time the Club celebrated its 25th anniversary in 1898, some 275 ships were entered. About the same time, discussions started within the Board as to whether the services afforded should include P&I Insurance. The Board remained split on the issue as to whether the cover should be provided direct by the Club or through a separate company.
In the end, in order to offer P&I cover to its hull mutual members, a new company with the catchy name “Sveriges Ångfartygs Assurans Förenings Delägares Ömsesidiga Försäkringsbolag Protection & Indemnity” was formed on 8 December 1910. In 1950 the two companies were amalgamated.