Marine insurer Skuld is to cease underwriting business from its Lloyd’s Syndicate 1897 from 1 July 2019 in an effort to improve profitability.
Skuld will instead underwrite all hull and offshore energy business on the A-rated corporate paper of Skuld Assuranceforeningen, through Skuld UK in London and SMA in Oslo.
“Our overriding focus at Skuld is to provide the best service and competence to our members and clients. This requires us to be firm on our strategy of innovation, diversification and sustainable growth,” said Ståle Hansen, Skuld President and Chief Executive Officer.
Skuld claims that its departure from Lloyd’s is part of a wider strategy to enhance its commitment to non-protection & indemnity (P&I) business and to streamline all of the company’s insurance offerings.
It has been confirmed that all outstanding policies will continue to be handled in-house, to ensure a full continuity of Skuld service to members and clients.
Some roles at the syndicate will cease, and some staff will leave Skuld over the coming months.
“With the establishment last year of Skuld UK, operating as a fully authorised branch of Skuld/SMA, we are now able to reorganise Skuld to better deliver our highly-regarded insurance services through an even more streamlined structure and improve operational synergies,” Hansen added.
“This adjustment to the company’s marine and energy insurance underwriting will reduce Skuld’s overall expense ratio, and therefore enhance our proposition and improve our profit potential.”
“That underpins our goal of providing relevant products to members and customers, and at the same time ensuring we deliver the market-leading Skuld service to all.
“London remains a focal point and these developments allow us more easily to align P&I with other product lines.”