Chaucer Enters Energy Partnership With Norwegian Agent

Chaucer Holdings plc said its Lloyd's Syndicate 1084 entered into an energy partnership with ScandIns [Scandinavian Insurance Management Co.], making the later an official underwriting agent for Lloyd's.

"Our agency agreement with ScandIns provides us with further opportunities to develop our international presence in the energy market," said Chris White, head of the energy division at Chaucer Syndicate 1084, in a statement. "We recognize the importance of having local representation and we look forward to working with ScandIns to develop our presence in the Scandinavian market."

ScandIns was established in Norway in 2009 by a group of individuals with in-depth experience of the international insurance industry, according to Chaucer. The company holds a license from the Financial Supervisory Authority of Norway to conduct energy insurance and reinsurance business.

The Norwegian company operated as an energy underwriting representative for Chaucer Syndicate 1084 since January 2010.

The agency will act for Chaucer by underwriting energy and associated risks, and will specialize in developing upstream energy opportunities for clients in Scandinavia.

"Chaucer has long-standing relationships with the major brokers in the region and together with ScandIns, the partnership offers clients the benefit of a regional service and international underwriting excellence, combined with the financial strength provided by Lloyd's," Chaucer said.

A specialist commercial lines insurers and reinsurer, Chaucer reported mild pricing gains overall in the first quarter this year. The group is estimating a net loss of 25 million pounds (30 million euros) from the Deepwater Horizon oil platform disaster for Syndicate 1084 (BestWire, May 19, 2010).

Among its specialty lines, Chaucer saw first-quarter premiums fall most in its marine line, down 20.8% to 49.1 million pounds. Energy profit rose 13.4% to 44.1 million pounds. The U.K. and specialist lines saw small increases, while property, aviation and nuclear fell slightly.

Chaucer Syndicate 1084 and Lloyd's both have a current Best's Financial Strength Rating of A (Excellent).

(By David Pilla, international editor, BestWeek: [email protected])