Norwegian marine insurer Skuld has reached an agreement with legacy provider RiverStone for the sale of Skuld Lloyd’s Syndicate 1897, which was placed into run-off in July 2019. The transaction is subject to regulatory approval.
Skuld said that a competitive process began in the autumn of 2019 and that Skuld had selected RiverStone as run-off provider for Syndicate 1897 from a number of bidders.
The eventual transfer of the management of corporate members to RiverStone will give Skuld economic and legal finality on the syndicate. Willis Tower Watson Securities served as adviser to both parties in concluding the agreement.
Skuld will continue to underwrite all its hull and offshore energy business as Skuld Hull, 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.