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Marine insurer Assuranceforeningen Skuld is diversifying its business to the nonmarine sector and has named veteran underwriter Michael Pritchard to head a Lloyd's of London syndicate, the Oslo, Norway-based protection and indemnity mutual said Tuesday.
Skuld has received approval “in principle” from Lloyd's to write nonmarine business within Skuld syndicate 1897 starting Jan. 1, 2016, with capacity up to £75 million ($114.6 million), the P&I insurer said in a statement.
The special-purpose syndicate will allow emerging market capital to support the business through quota share reinsurance arrangements, according to the statement.
Skuld is targeting unspecified “companies in high-growth economies” as well as its international marine network.
Mr. Pritchard, who will be head of the nonmarine business, was the active underwriter of Beaufort Underwriting Agency's syndicate 318, which is owned by Munich Reinsurance Co., from 1985 to 2013. He will be based in London.
“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,” Skuld President and CEO Ståle Hansen said in the statement.
Protection and indemnity club Assuranceforeningen Skuld has extended its full roster of marine insurance products to the firm's London office.