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Skuld agrees sale of Lloyd's syndicate

Skuld agrees sale of Lloyd's syndicate | Insurance Business

Skuld agrees sale of Lloyd

It was back in July last year that Lloyd’s syndicate 1897 was placed into run-off. Now, marine insurance provider Skuld has agreed to its sale.

A transaction, still subject to regulatory approval, has been agreed with The RiverStone Group. The insurer outlined that a competitive process was introduced in autumn last year and RiverStone stood out above a number of bidders.

It is noted that once the transfer of the management of corporate members is complete, Skuld will achieve legal finality on the syndicate. However, it will continue to underwrite the hull and offshore energy business as Skuld Hull.

“Skuld remains resolutely focused on the best outcome for our clients and members,” said Skuld president and CEO Ståle Hansen. “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.”

Meanwhile, Luke Tanzer, the managing director of RiverStone UK, noted his delight at the announcement.

“The Skuld Management Team has been resolutely professional throughout this process and it has been a great pleasure to work with them,” he said. “We have worked closely and collaboratively with the Skuld team to ensure that their strategic objectives are achieved through this transaction and our responsible management and adherence to our core principles, will ensure that their insureds continue to receive the highest possible level of service and that their excellent reputation is maintained.”