The new syndicate, Skuld 1897 at Lloyds’ is set to make a significant difference to the Indian maritime industry
For India, the opening of a new syndicate, Skuld 1897 at Lloyds’ is indeed great news and to a big extent certain to provide a confidence building salve to the maritime industry. This comes at a crucial juncture when the industry in the country could be said to have come of age with shipping tonnage seeing a fast track growth, ports and infrastructure development never having witnessed such a scorching pace and the country’s trade being unprecedented.
Skuld, the leading marine insurer, provides Protection and Indemnity (P&I) and defense cover to ship owners and charterers all over the world. With OneWorld Consultants Pvt Ltd, the commercial representatives in India, Skuld offers the assurance of always going that extra mile for its members.
As a mutual association, the club is owned and controlled directly by its members having a global reach with a premium income of USD 275 Million. The formation of Lloyd’s syndicate, Skuld 1897 reconfirms Skuld as a leading marine insurance provider. For India its offering of the full range of marine and energy covers such as hull and machinery, energy packages and cargo is being seen as a boon for ship owners and other maritime player looking for acquiring a competitive edge. On the Marine side its offering includes hull and machinery, loss of hire, war risks, builder’s risks, yacht covers, cargo and marine liability. The spectrum with regard energy includes mobile offshore units cover, operator’s risks, all risk during construction and energy liability.
Pushkar Surve, Business Development, OneWorld Consultants Pvt Ltd., instrumental in bringing Skuld to India says. “Indian Shipowners are entering into various ventures including chartering, offshore business, logistics, dredging and other areas. They are compelled to go to various insurers for obtaining cover. But having entered into India we offer a comprehensive cover. We are now able to offer the stability and strength of Lloyd’s having a network of P & I Club and having correspondent at every port we are able to assign a correspondent to deal with any problem promptly.”
What is stimulating is that instead of a client having to go to several different re-insurers for insurance, Skuld can satisfy their problem. Skuld operates as a syndicate and their way of working is totally different from the traditional. They have what is considered a better approach being service oriented and their contracts are personalised. “When you know who you are dealing with you get better service,” he says. “The Club’s increasing reputation for stability and avoidance of unbudgeted supplementary calls will prove attractive to potential new members.”
The opening of the new syndicate, Skuld 1897, was announced by R&Q Managing Agency (“RQMA”) last month in Mumbai at a seminar held at the Taj President Hotel, Colaba. Claes Lindh, Executive Vice President, Underwriting and Marketing said, “We have received approval from Lloyd’s to form the new syndicate on behalf of Assuranceforeningen Skuld (“Skuld”), the Oslo headquartered P&I Club.
Skuld now offers its P&I members and clients worldwide an entirely fresh approach to marine and energy insurance through its newly-established syndicate at Lloyd’s, an S&P “A+” rated carrier. Skuld syndicate 1897 will benefit from Lloyd’s licenses in more than 200 countries. Skuld Offshore, underwriting on behalf of syndicate 1897, as well as other Lloyd’s syndicates bringing a new definition of quality service to the offshore energy industry. Skuld’s P&I and Hull service, aims to offer the best of both worlds – a single set of core values which are entirely service-driven.
According to an officer of RQMA, “With 90% of planned income coming from business currently outside the Lloyd’s market, Skuld Syndicate 1897 represents an excellent source of good quality new business to Lloyd’s. Skuld’s sustained track record of profitable underwriting of Marine liability business provides a sound basis for this new enterprise. We are delighted to partner with a world-class organization such as Skuld and look forward to managing the syndicate on their behalf.”