Marine insurance provider Skuld has announced its intention to acquire SMA/Gerling Norway. The acquisition will give Skuld renewal rights on SMA/Gerling Norway’s book of business – 6,000 vessels with over US$40m in premiums.
Any successful renewals after the transaction will be insured with Skuld’s own corporate paper and operate separately from Skuld’s syndicate 1897 at Lloyd’s. Skuld 1987 will be unaffected by SMA/Gerling Norway’s acquisition and will continue its usual strategy.
SMA/Gerling Norway is helmed by Tron Nummedal, and Skuld said that they would like to retain Nummedal and his 19-member team’s services. Further details pertaining to the deal will be announced later, subject to completion and regulatory approval.
Ståle Hansen, Skuld president and CEO said: "This is a very exciting deal for Skuld, and is very much in line with our strategy of diversification. Tron and his team are highly regarded in the shipping market and we are proud to have him on board. The most important thing that we are committed to is 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.”
“I’m very pleased that SMA/Gerling Norway can announce its intended acquisition by Skuld,” said Nummedal. “For me, my staff and our clients, it was important that we found a partner that shares our commitment to the quality of our underwriting operations, takes pride in its members, and importantly, is dedicated to the care of clients. I’m truly excited about the next step for my team and our business as we come together under the Skuld banner.”