Hydor has been appointed a coverholder for the syndicate which began underwriting in April as the protection and indemnity mutual further diversified.
About 70% of the business written by syndicate 1884 is new to Lloyd’s and often based on the Standard Club’s existing marine connections.
The Hydor deal follows a move to market the syndicate’s marine and energy products in Asia through a new Lloyd’s service company.
Hydor was set up in 2010 by former Skuld executive, Johan Gjernes, who had earlier been a VLCC master with Bergesen and Knutsen OAS.
The underwriting agency made a mark at the February 2014 renewal when it took a notable amount of business from clubs that included Gard, Skuld and the Standard.
Hydor has so far underwritten on behalf of Brit Syndicate 2987 and has mainly targeted P&I business. It can provide up to $500m of cover and aims at modestly sized tonnage.
The deal with the Standard syndicate 1884 will be mostly focussed on hull and offshore energy business and will run in parallel with the Brit arrangement.
“Norway is an important market for the Standard Club and the Standard syndicate. The Standard Club already has high-profile P&I members and valuable syndicate business in Norway,” said syndicate 1884 underwriter, Robert Dorey. “Our coverholder agreement with Hydor will allow us to build further our presence in Norway and across Scandinavia.”
“We believe that by combining our local market experience and contacts with the Standard syndicate’s philosophy of providing ‘club style’ service we have a real opportunity to establish a new force in marine related insurance in Norway and across Scandinavia,” added Gjernes.
