Skuld, the Olso-based marine insurance provider, announced SMA/Gerling Norway will be renamed Skuld Marine Agency (SMA) following the company’s acquisition by Skuld.
Marketing has now begun for Jan. 1, 2017 renewals on Skuld paper under the new SMA brand, the company said, noting that the formal acquisition process is expected to be completed by the end of the year.
The acquisition gives Skuld renewal rights on SMA/Gerling Norway’s hull & machinery book of business, which covers around 6,000 vessels paying some US$40 million in premium.
Any successful renewals will be insured with Skuld’s own corporate paper and operate separately from Skuld’s syndicate 1897 at Lloyd’s, the company said, explaining that Skuld 1897 will continue its existing strategy and will not be affected by the acquisition.
Ståle Hansen, Skuld president and CEO, said: “We are delighted to be close to completing this acquisition, being an important deal for Skuld, and very much in line with our strategy of diversification. Our priority remains our commitment to ensuring that brokers and policyholders experience no downgrade in service: it is simply a change of ownership and we are confident that in Skuld they will enjoy the service and competence that our existing partners and clients rely on.”
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