HYDOR AS TO ACT AS COVERHOLDER FOR STANDARD SYNDICATE 1884

The Standard Syndicate has appointed Hydor AS as a Lloyd's coverholder, extending its distribution into Scandinavia. Hydor AS will start writing business on behalf of syndicate 1884 from January 1, 2016. The appointment marks the next stage in the Standard Syndicate’s strategy of bringing business to Lloyd’s by building distribution in operators’ local markets. In June, the Lloyd's syndicate announced it had begun underwriting a range of marine and energy insurance covers in Asia through a new Lloyd’s Asia service company. Around 70% of the syndicate's business is accretive to Lloyd’s. Across the Scandinavian region, Hydor AS will provide hull and machinery, energy and other marine-related insurance covers, with the main focus on Norway. The coverholder agreement is intended to be the first step in establishing a closer joint working relationship between the Standard Syndicate and Hydor AS, with the aim of enhancing the service available to insureds and brokers in Norway. Further details are expected to be announced.