Skuld to acquire SMA/Gerling Norway

Press release

Published: 20 May 2016

Skuld today announces it has signed a letter of intent to purchase SMA/Gerling Norway. The acquisition would give Skuld renewal rights on SMA/Gerling Norway's hull & machinery book of business, which today covers 6,000 vessels paying around US$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. Skuld 1897 will continue its strategy as before and will not be affected by the acquisition of SMA/Gerling Norway.

SMA/Gerling Norway is run by Tron Nummedal who has a first-class reputation and track record in the shipping market and it is Skuld's intention that he and his team of 19 would continue to manage those client relationships on a day-to-day basis. Further details of the deal, which remains subject to completion and regulatory approval, will be announced later in the year.

Ståle Hansen, Skuld president and CEO said: "This is a very exciting deal for Skuld, and is very much in line with our strategy of diversification. Tron and his team are highly regarded in the shipping market and we are proud to have him on board. 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."

Nummedal added: "I'm very pleased that SMA/Gerling Norway can announce its intended acquisition by Skuld. 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. I'm truly excited about the next step for my team and our business as we come together under the Skuld banner."