Skuld will complete SMA/Gerling Norge acquisition from Talanx this year

HDI Global SE will complete the sale of its Norwegian subsidiary companies Scandinavian Marine Agency (SMA) and Gerling Norge to Norwegian insurer Skuld before the end of the year. Skuld and HDI had signed a letter of intent in May this year.

With the sale the industrial lines insurer HDI Global will end the niche business with blue ocean hull insurance policies there. In future, HDI Global SE will serve its industrial and corporate customers in Norway from the Danish branch office in Copenhagen.

Apart from the sale of the subsidiary companies, the transaction also comprises the sale of renewal rights of the HDI branch office in Norway. This relates to the ocean hull portfolio. Overall, the gross premium volume of activities to be sold amounted in the business year 2015 to some $40m, covering about 6,000 vessels.

Skuld will also take over the 18-head team of the Norwegian HDI units and will rebrand SMA/Gerling Norway as Skuld Marine Agency (SMA)

Marketing has now begun for January 1, 2017 renewals on Skuld paper under the new SMA brand, Skuld said..

Renewals will be insured on Skuld’s own corporate paper, operating separately from Skuld’s syndicate 1897 at Lloyd’s.