Underwriter Reveals Syndicate Sale

Marine insurance group Skuld, has announced an agreement with The RiverStone Group for the sale of its Lloyd’s Syndicate 1897.

The syndicate was placed into run-off in July 2019 and wrote a range of marine hull & machinery and energy business.

The insurer said once the transfer of the management of corporate members to RiverStone is complete, Skuld will “achieve economic and legal finality on the syndicate”.

Ståle Hansen, (pic) Skuld President and CEO said: “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.

“Professional support and honouring 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.”

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.

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