Skuld, the marine insurance provider, announced it has reached an agreement with legacy specialist The RiverStone Group for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019.
Financial details of the transaction, which is subject to regulatory approval, were not disclosed.
Following a competitive process which began in autumn 2019, Skuld selected RiverStone as run-off provider for Syndicate 1897 from a number of bidders. Once the transfer of the management of corporate members to RiverStone is complete, Skuld said it will achieve economic and legal finality on the syndicate.
Skuld will continue to underwrite all its hull and offshore energy business as Skuld Hull, the “A”-rated corporate platform of Skuld Assuranceforeningen, through Skuld UK in London and Skuld Marine Agency in Oslo, Norway.
The majority of liabilities within Skuld Syndicate 1897 relate to marine hull & machinery and energy business. Willis Tower Watson Securities served as adviser to both parties in concluding the agreement.
“Skuld remains resolutely focused on the best outcome for our clients and members. We have successfully transitioned our non-P&I clients from Syndicate 1897 to Skuld Hull, our company-market platform, and the sale of the Skuld Syndicate portfolio is a significant step in improving Skuld’s operational efficiency,” said Ståle Hansen, Skuld president and CEO.
“Professional support and honoring the solemn promise to our insureds were at the core of thinking throughout this process. RiverStone has an outstanding reputation in the legacy market and we have full confidence they will ensure the highest levels of service and claims handling to all of our clients,” Hansen added.
Skuld was established in 1897 as a protection & indemnity (P&I) club for Scandinavian shipowners. Since then, its has grown into a diversified marine insurer and now offer bespoke covers through Skuld P&I and Skuld Hull. The company is headquartered in Oslo and has a worldwide office network of around 280 employees.
With more than 20 years of experience, The RiverStone Group comprises insurance, reinsurance and service companies specializng in the management of legacy and run-off insurance businesses and portfolios.
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