Insurance company 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.
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 said it 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 and 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.”
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.”