Norway-based marine insurer Skuld is to move the underwriting of all its hull and offshore energy business from Skuld syndicate 1897 to the corporate paper of Skuld Assuranceforeningen through Skuld UK in London and SMA in Oslo.
It said that the transfer of business from Lloyd’s to A-rated corporate paper was part of a wider strategy to enhance Skuld’s commitment to non-P&I business and to streamline all of the company’s insurance offerings.
Skuld’s Lloyd’s syndicate 1897, which was launched in 2011, will cease to accept new business from July 1st 2019. All outstanding policies will continue to be handled in-house. Skuld will work closely with brokers and regulators to ensure the transition is seamless. Some jobs at the syndicate will be lost, with some staff leaving Skuld over the coming months.
Skuld president and CEO Ståle Hansen said that providing “the best service and competence to our members and clients” required Skuld to be firm on its strategy of innovation, diversification and sustainable growth. “In recent years we have expanded our offering beyond traditional P&I to include marine and energy insurance underwritten through syndicate 1897 at Lloyd’s and Skuld Marine Agency, which was acquired in 2016″, he said.
“With the establishment last year of Skuld UK, operating as a fully authorized branch of Skuld/SMA, we are now able to reorganize Skuld to better deliver our highly-regarded insurance services through an even more streamlined structure and improve operational synergies”, said Hansen.
The change will reduce Skuld’s overall expense ratio. Hansen said that London remained a focal point and that the changes would allow it to more easily align P&I with its other product lines.
SOURCE: INSURANCE MARINE NEWS