The first reports under a new financial regulatory regime are producing controversial results.
The Skuld protection and indemnity (P&I) club comes bottom of the league in headline numbers under the European Union's new Solvency II system, an initiative aimed at ensuring a buffer against insurance company insolvency.
But does this mean that Skuld’s finances are weaker than its rivals? Or has Solvency II, designed to level the playing field, come up with a perplexing result?
The Solvency II numbers are not wrong, but are not as definitive as they might seem.
