Asta Managing Agency Ltd (Asta) has confirmed they have been granted ‘in principle’ approval from Lloyd’s to establish and manage Special Purpose Syndicate (SPS) 6126. Leading marine insurance provider Skuld will cede business into the SPS, providing reinsurance for Skuld’s syndicate 1897. The SPS has planned gross premium of £46m for 2016 and will be led by Mike Pritchard.
Asta and Skuld are working towards securing formal approval to commence underwriting business from 1 January 2016. The SPS will write a book of direct and facultative non- marine business as well as high growth economy business, much of it new to the Lloyd’s market.
Julian Tighe, Asta CEO, said: “I am pleased that Asta could help to bring Mike Pritchard back into the Room at Lloyd’s. We are always excited to work with talented entrepreneurs and particularly so when they have the experience and successful track record that Mike does.”
Ståle Hansen, Skuld President and CEO, said: “SPS 6126 will enable our Skuld 1897 syndicate to expand from its traditional marine business and bring greater diversity to the balance sheet. Aligned to Lloyd’s ‘Vision 2025’, it will bring in additional expertise and partner carriers from high-growth economies.”
Asta press enquiries:
Matt Beasley, FWD
Tel: +44 (0)20 7623 2368
Mob: +44 (0)7623 241 153
Matthew Longbottom, FWD
Tel: +44 (0)20 7623 2368
Mob: +44 (0) 7798 758 938
Skuld press enquiries:
Damian Beeley, Haggie Partners
Tel: +44 (0)20 7562 4444
Mob: +44 (0)7950 481795
Notes to editors:
Asta Capital Limited is the parent company of:
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is currently responsible for seven syndicates with capacity under management in 2015 of approximately US$1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners) Syndicate 1897 (Skuld)
Syndicate 1910 (Ariel), SPS 6117 (Ariel) Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others) Syndicate 4242 (ICAT), SPS 6123 (ICAT)
Pending Lloyd’s formal approval: Syndicate 2786 (Everest) from 1/1/2016 SPS 6126 (Skuld) from 1/1/2016
Skuld is a world leading marine insurance provider with a strong financial position and an ‘A’ rating with Standard & Poor’s. We cater to the needs of shipowners, the offshore and energy sector, charterers and traders, ports and terminals, cargo and the superyacht community.
Skuld was established in 1897 as a P&I club for Scandinavian shipowners. Since then, we have grown into a diversified marine insurer and now offer bespoke covers through Skuld P&I and Skuld 1897, a syndicate at Lloyd’s.
With headquarters in Oslo and a worldwide office network of around 250 highly skilled employees, we provide our members and clients with service and competence they can rely on, 24 hours a day.