Skuld: Acquisition of Whittington UK completed
Friday, 27 January 2012 | 00:00
The consortium comprising Skuld, Tawa Plc, and Paraline Group has today announced that it has completed the acquisition of Whittington Insurance Markets Limited. Whittington is Lloyd’s leading provider of turnkey managing agency services in the Lloyd’s market. The deal was originally announced on 19 September last year and was subject to approval by Lloyd’s and the Financial Services Authority (FSA) in London.
Douglas Jacobsohn, Chief Executive Officer of Skuld says: “This is an impressive deal on many levels – not least in that it has combined three consortium partners, a seller and the seller’s management team to complete a deal on time, and in a very acquisitive market. We are all delighted with the outcome, and the completion.”
Skuld has always had an ambition to set up its own managing agency to service its own Lloyd’s Syndicate 1897 and this groundbreaking partnership helps to achieve this goal. This deal was the quickest and most economically viable way to access a managing agency. Skuld wants to infuse its own high service levels into the new vehicle. The deal will have no direct impact on our members or clients and will strengthen Skuld Group’s brand and service offering. The acquisition is very much in line with Skuld Group’s diversification ambitions, where P&I is and will remain the backbone of the business.
Douglas Jacobsohn, said last year: “Our plan in establishing Syndicate 1897 last year included the creation of our own managing agency as soon as practicably possible. This acquisition allows us to move that timetable forward on a cost efficient basis. We are committed to continuing to expand our involvement in the London market and beyond, as an extension of our heritage as the world’s leading P&I Mutual Club. We are always looking for new ways in which we can provide first class service, and this arrangement enables us to continue to do that across a wider platform. Moreover, the structure of this consortium transaction very much encapsulates the way Skuld Group operates, being innovative and groundbreaking.”
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