Skuld today announces that its Lloyd's syndicate 1897 is sponsoring the return of Michael Pritchard to the market.
In line with the Skuld group's wider business development strategy, the new business unit will generate non-marine business from companies in high-growth economies as well as from Skuld's international marine network, while providing a new entry point for Skuld P&I's high service levels into the Lloyd's market. A Special Purpose Syndicate (SPS) is being established by Skuld 1897 to give the opportunity for emerging market capital to support this business, via a quota share reinsurance of Skuld 1897.
Skuld has received 'in principle' approval from Lloyd's to write non-marine business within Skuld 1897. The non-marine unit will be headed by Pritchard and will commence underwriting from 1 January 2016 with a premium capacity in the region of £75m, subject to full and final approval by Lloyd's.
Ståle Hansen, Skuld president and CEO, said: "This investment in the financial strength of our Lloyd's activities is very much in line with Skuld's stated strategy of diversification and offers us an opportunity to have some exposure to London-market non-marine business. Our core business and expertise are and will continue to be marine.
"The rationale behind this venture is the diversification, the cost benefits and the addition of excellent experience. We've known Michael for more than 20 years and his reputation and underwriting track record are first class. The new non-marine unit will abide by the Skuld promise of delivering service and competence you can rely on."
Pritchard was the active underwriter of Beaufort Syndicate 318 from 1985 to 2013, during which time the capacity increased from £2m to £225m. Under his tenure as underwriter the syndicate reported profits in 26 of the 28 years. Syndicate 318 is managed by Beaufort Underwriting Agency, with capacity provided by Munich Re.