Skuld and Transmarine in partnership for trade disruption cover
Tuesday, 17 January 2012 | 00:00
Skuld, a leading marine insurance provider, yesterday announces a partnership agreement with Transmarine, part of the Michael and Else and Company MGA operation and a market leader in marine trade disruption and consequential loss insurance, that will see Skuld Syndicate 1897 provide security for the Transmarine brand. Michael Else and Company will retain ownership of the brand and continue to manage Transmarine’s day to day affairs in line with its existing authorities. Both parties will co-operate in the distribution of Transmarine, with Skuld focussing on its existing clients and members.
• Transmarine’s book is a well-established and respected product which has the added attraction of being ‘short tail’ business
• Skuld 1897 will gain access to a select portfolio of long-standing and reputable clients with a history of profitable performance over the cycle
• Skuld will continue to broaden its product range benefiting its members and clients
• The partnership with Transmarine supports the Skuld philosophy of bringing new business to Lloyd’s
• The partnership provides the opportunity for premium growth and enhanced profitability for Skuld 1897
• The partnership enables further development of the Transmarine book using Skuld’s worldwide network
Bernt Hellman, underwriter of Skuld 1897, said: “This represents a significant opportunity for Skuld 1897 to access a specialist and non-clashing book of business. Our managing agent, RQMA, has sponsored the coverholder agreement. It also represents an opportunity to bring profitable business into Lloyd’s both from Transmarine and through expansion across the Skuld network.”
Chris Else, managing director of Michael Else and Company, added: “Transmarine is a well respected brand that has been operating since 1974. We have a strong core portfolio of long term clients and we are excited at the prospect of working with Skuld to expand our portfolio and develop new products. We are particularly encouraged by the dynamic approach that Skuld has adopted in developing its brand using the Lloyd’s franchise and by the philosophy and commitment to service that is clearly shared between us. The Transmarine product complements the Skuld portfolio because we both have a very similar approach to underwriting and claims service that is totally client focused.”
Douglas Jacobsohn, President and CEO of Skuld, said: “A particular attraction beyond the existing book is the ability to generate additional business from the Skuld P&I network. Once again this is a clear example of Skuld broadening its product range and enhancing our service for the benefit of our members and clients worldwide. We look forward to a long and fruitful relationship with Chris and his team.”
Transmarine insures ship operators against the loss of income that may arise out of an insured peril causing a delay to a ship. The product is broader than traditional Loss of Hire policies because it includes cover against a number of named perils that can lead to delay to a ship even where there is no damage to the ship itself.
Until the end of December 2011 Transmarine was underwritten by Great Lakes Reinsurance (UK) PLC, part of the Munich Re Group. The move to Skuld at Lloyd’s was by mutual agreement and reflected the desire of Michael Else and Company to open up new channels for the distribution of Transmarine. The Munich Re Group continues to play a key role in the direct support of other Michael Else and Company products.
The new Transmarine binding authority between Michael Else and Company and Skuld Syndicate 1897 will come into effect as soon as Lloyd’s permissions have been obtained.
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