SMA/Gerling Norway acquisition update

Press release

Published: 11 November 2016

Skuld today announces that SMA/Gerling Norway will be renamed Skuld Marine Agency (SMA) following the company's acquisition by Skuld.

Marketing has now begun for 1/1/17 renewals on Skuld paper under the new SMA brand. The formal acquisition process is expected to be complete by the end of the year. The acquisition gives Skuld renewal rights on SMA/Gerling Norway's hull & machinery book of business, which covers around 6,000 vessels paying some US$40m in premium.

Any successful renewals will 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.

Ståle Hansen, Skuld president and CEO, said: "We are delighted to be close to completing this acquisition, being an important deal for Skuld, and very much in line with our strategy of diversification. Our priority remains our commitment to 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."