Norwegian marine insurer Skuld has signed a letter of intent to acquire SMA/Gerling Norway’s hull and machinery book, which underwrites around 6,000 vessels paying $40m in premium.
Any successful renewals would be insured with Skuld’s own corporate paper and operate separately from Skuld’s syndicate 1897 at Lloyd’s, which would not be affected by the acquisition, the buyer said today.
“For me, my staff and our clients, it was important that we found a partner that shares our commitment to the quality of our underwriting operations, takes pride in its members, and importantly, is dedicated to the care of clients,” said Tron Nummedal, who runs SMA/Gerling Norway and will continue to manage his existing client relationships after the acquisition closes with his team of 19 staff.
“The most important thing that we are committed to is ensuring that brokers and policyholders experience no downgrade in service: it is simply a change of ownership and we are confident that in Skuld they will enjoy the service and competence that our existing partners and clients rely on,” said Ståle Hansen, Skuld president and CEO (pictured).
The deal remains subject to completion and regulatory approvals, Skuld said.