Van AalstTelestackThe Wolfson Centre for Bulk Solids Handling Technology Port of StocktonCleveland Cascades LtdCimbria
  • Bühler GmbH
  • Sailors Society
  • Telestack
  • Cimbria
  • TOC Events
  • Cleveland Cascades Ltd

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

First maritime slips, trips and falls poster

(Posted on 11/05/21)

Maritime Progress, a major player in the photoluminescent marine signage arena has developed a new Slips... Read more


New bunker alerts for next generation loss prevention

(Posted on 11/05/21)

A new release of The Swedish Club’s Trade Enabling Loss Prevention tool (TELP), the next generation... Read more


Columbia and Seatrans agree strategic shipmanagement tie-up

(Posted on 06/05/21)

Columbia Shipmanagement (CSM) has continued its recent expansion by agreeing a strategic partnership... Read more


OneLearn Global signs up to Neptune Declaration

(Posted on 06/05/21)

Recently launched OneLearn Global, created to provide modern-day training solutions to serve the maritime... Read more


IMO Council membership demonstrates Jamaica’s worth

(Posted on 06/05/21)

Membership of the International Maritime Organisation is important for strengthening Jamaica and the... Read more


CCS grows bulker fleet and scores with Intercargo

(Posted on 04/05/21)

China Classification Society (CCS), the world’s fastest growing classification society, has been... Read more


Su-Nav establishes integrated ship management model

(Posted on 04/05/21)

Su Nav, the integrated ship management company, has established a comprehensive range of services over... Read more


Fednav welcomes its latest icebreaking bulk carrier

(Posted on 29/04/21)

Fednav Limited has announced that it has taken delivery of its latest Polar Class 4 icebreaking bulk... Read more


InterManager vows to source vaccinations for seafarers

(Posted on 29/04/21)

Frustrated by the lack of progress and slow pace of international efforts, InterManager has vowed to... Read more


IOMSR first flag state to partner Eyesea ocean clean up

(Posted on 29/04/21)

The Isle of Man Ship Registry (IOMSR) has become the first flag state to formally back the Eyesea initiative... Read more


Bühler GmbHPort of South LouisianaTOC EventsCoaltrans Global 2021Sailors SocietyTBA Group
  • TBA Group
  • Vigan
  • Coaltrans Global 2021

Subscribe to our newsletter

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