The surprise move is part of succession planning at Oslo based Skuld but Jacobsohn (61) has no plans to retire. He has signed a contract for his new full time role as executive director that runs to 2018.

Hansen (39) has been with Skuld for 11 years and is Jacobsohn’s deputy.  He was previously with the Accenture management consultancy and was an officer in the Norwegian army unit, the King’s Guard.

Jacobsohn is very positive about his new role and the flexibility it will give him to continue to develop Skuld. The business has grown from a traditional protection and indemnity mutual into a diversified marine insurance group that also underwrites in the Lloyd’s of London market through syndicate 1897.

“Under Stale's stewardship Skuld is in excellent hands and our ambitious plans for the future will be expertly managed. This is very positive news for Skuld and for our members, clients and other stakeholders, and I know that we will continue to go from strength to strength, with service at the core of everything we do," added Jacobsohn.

Skuld chairman, Klaus Kjaerulff, paid tribute to the progress made under Jacobsohn’s leadership.

"Douglas has led Skuld for 14 years with great distinction and has been a significant force in taking Skuld to where it is today. We are indebted to him for his enormous contribution,” said Kjaerulff.