Marine insurer Skuld has reached an agreement with The RiverStone Group 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.”