Norwegian marine insurer Skuld has decided to quit underwriting business from its Lloyd’s syndicate 1897 from 1 July 2019, as the company looks to improve its profitability. Long story short, Skuld quits Lloyd’s.
Instead, the company will underwrite all its hull and offshore energy business on the A-rated corporate paper of Skuld Assuranceforeningen, through Skuld UK in London and SMA in Oslo.
Skuld quits Lloyd’s
Skuld said that the relocation of business from Lloyd’s to corporate paper is part of a strategy to boost its non-protection and indemnity (P&I) business and to augment all of its insurance offerings.
Upon leaving Lloyd’s platform, Skuld will continue to manage all outstanding policies in-house, to ensure a full continuity of Skuld service to members and clients.
As a result of quitting Lloyd’s platform, some roles at the syndicate will cease, and some employees will leave Skuld over the coming months.
Skuld president and CEO Ståle Hansen said: “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.
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“This adjustment to our 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.”