SKULD TO CLOSE LLOYD’S SYNDICATE 1897

Marine insurer Skuld will close its Lloyd’s syndicate 1897 with the loss of some jobs. The move comes after the syndicate reported losses over a number of years, the most recent in 2017, when it booked a combined ratio of 115.6% and a financial year loss of £13.1m ($17.4m). All Skuld’s hull and offshore energy business will now be written on its corporate paper. Skuld confirmed some roles will cease and some staff will leave Skuld over the coming months. All outstanding policies will continue to be handled in-house, it added. “This adjustment to our marine and energy insurance underwriting will reduce Skuld’s overall expense ratio and therefore enhance our proposition and improve our profit potential,” Ståle Hansen, Skuld president and chief executive, said.