Coaltrans Virtual World Coal Leaders Network 2020Port of StocktonSailors SocietyCleveland Cascades LtdTOC EventsPort of South Louisiana
  • Sailors Society
  • Cimbria
  • China Coaltrans 2020
  • Cleveland Cascades Ltd
  • Port of South Louisiana
  • TMS Awards 2020

Skuld agrees Lloyd’s Syndicate sale

(Posted on 08/06/20)

Skuld has announced that it has reached an agreement with The RiverStone Group (“RiverStone”) for the sale of its Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. The transaction is subject to regulatory approval.

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 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.

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.

Ståle Hansen, 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.”

Luke Tanzer, Managing Director of RiverStone UK, added: “We are delighted to announce this transaction with Skuld, an outstanding marine insurer with a market-leading reputation. RiverStone is a respected and longstanding legacy provider that delivers on the promise to insureds and will continue to do so for all policyholders of Syndicate 1897.

“The Skuld Management Team has been resolutely professional throughout this process and it has been a great pleasure to work with them. 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.”

Latest News

Intercargo: inclusion in ETS ignores collaboration calls

(Posted on 22/09/20)

INTERCARGO believes that the inclusion of shipping in the EU Emissions Trading System (ETS), which European... Read more


ABB software for Ming Wah bulkers

(Posted on 21/09/20)

ABB is to install its state-of-the-art engine diagnostics software ABB Ability Tekomar XPERT on 12 bulk... Read more


KPI OceanConnect new Hamburg MD

(Posted on 21/09/20)

KPI OceanConnect has announced its appointment of industry expert Boris Gronenberg as Managing Director... Read more


Sailors’ Society: worst crisis for seafarers in 200 years

(Posted on 14/09/20)

The Sailors’ Society says coronavirus is the worst crisis seafarers have faced in its 200-year... Read more


SRI calls for investigation into perfect storm

(Posted on 13/09/20)

The recent spate of grim casualties cannot simply be written off as bad luck, says Seafarers’... Read more


Allow crew changes to resolve crisis insists IMO

(Posted on 13/09/20)

It is estimated that more than 300,000 seafarers and marine personnel are currently stranded at sea... Read more


EPS/BHP dual fuel charter

(Posted on 07/09/20)

Eastern Pacific Shipping (EPS) has been awarded the world’s first LNG Dual Fuel Newcastlemax bulk... Read more


BAI SEA and ERSHIP create BESHIP brokers

(Posted on 07/09/20)

The merger of BAI SEA and ERSHIP is a result of both companies seeking to strengthen their position... Read more


Seaspan and Sailors’ Society partnership

(Posted on 07/09/20)

International maritime welfare charity Sailors’ Society recently marked the fifth year of its... Read more


ClassNK takes part in “CC-Ocean” project

(Posted on 07/09/20)

Leading Classification Society ClassNK, in cooperation with Kawasaki Kisen Kaisha, Ltd. (“K&rdquo... Read more


ViganCimbriaTelestackPort of Vancouver USAChina Coaltrans 2020TMS Awards 2020
  • Coaltrans Virtual World Coal Leaders Network 2020
  • Bühler GmbH
  • Port of Vancouver USA
  • TBA Group

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping