9 September 2015 Insurance

Lloyd’s approves non-marine unit for Skuld

Marine insurer Skuld has been granted ‘in principal’ approval by Lloyd’s to write non-marine business via its Lloyd’s syndicate 1897.

Headed by Michael Pritchard, who increased capacity from £2 million to £225 million, while active underwriter of Beaufort Syndicate 318 from 1985 to 2013, the unit will generate non-marine business from companies in high-growth economies as well as from Skuld's international marine network.

It will also provide a new entry point for Skuld protection and indemnity’s (P&I) high service levels into the Lloyd's market.

A special purpose Syndicate (SPS) is being established by Skuld 1897 to give the opportunity for emerging market capital to support this business, via a quota share reinsurance of Skuld 1897.

The non-marine unit will commence underwriting from 1 January 2016 with a premium capacity in the region of £75 million, subject to full and final approval by Lloyd's.

Ståle Hansen, Skuld president and chief executive officer (CEO), said: "This investment in the financial strength of our Lloyd's activities is very much in line with Skuld's stated strategy of diversification and offers us an opportunity to have some exposure to London-market non-marine business. Our core business and expertise are and will continue to be marine.

"The rationale behind this venture is the diversification, the cost benefits and the addition of excellent experience. We've known Michael for more than 20 years and his reputation and underwriting track record are first class. The new non-marine unit will abide by the Skuld promise of delivering service and competence you can rely on."

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