Skuld launches operation in Singapore

FOR IMMEDIATE RELEASE6 December 2012Skuld launches operation in SingaporeSkuld, a leading international marine insurance provider, announces the opening of a branchoffice in Singapore to spearhead further business expansion in South Asia and to build onSkuld’s existing relationships in the region.Highlights: Launch of South Asia hub in Singapore Kjell-Åke Augustsson re-joins Skuld P&I from the Swedish club Expansion into the growing offshore market in South Asia Significant growth opportunities across the regionThe office will be led by Kjell-Åke Augustsson who joined Skuld in September 2012.Augustsson joined from the Swedish Club in Hong Kong, where he has been deputymanaging director since 2005. He was previously a senior underwriter with Skuld for 10 yearsuntil 2000.The Skuld Offshore sector will be led in Singapore by Gregory Thomas who joined Skuld in2008 to build the offshore liability product. Thomas has developed Skuld Offshore to becomeworld-wide recognised for service and comprehensive cover. He will remain head of theOffshore unit within Skuld P&I.Christian Ott, a lawyer who has been working in Skuld’s office in Hong Kong since 2004, andis very well known to members and clients, will run the claims service in Singapore. FurtherSKULD, P.O.BOX 1376 VIKA, NO-0114 OSLO/TEL +47 22 00 22 00 FAX +47 22 42 42 22 /E-MAIL OSL@SKULD.COM

staff to the claims section will be recruited locally and from the Skuld network. Office supportfunctions will be recruited locally. The office will be located in the middle of Singapore’sbusiness centre on Six Battery Road.Douglas Jacobsohn, chief executive of Skuld, said: “We have had a growth of around 15% inAsia the past few years and I have complete confidence that with Kjell back on the team andwith Greg fronting the offshore all backed up by Christian on the important claims service side,we will see a significant strengthening of our presence and genuine opportunities for furthergrowth – not least because of the strength of Skuld and the range of our products.“Kjell has been working in Hong Kong since 2005 as a marine underwriter and has gained avast network and knowledge, and I’m delighted that we’ve persuaded him to return to Skuld.His background fits very well with our plan to continue to develop and build our presence inthis market.“Asian markets are growing rapidly, with a number of shipowners, charterers and offshoreoperators expanding their presence and operations in the region. Skuld has been operatingfrom Hong Kong the past 23 years and with the growth of local markets there is a need formore manpower. Looking at the new-building programme for Asian owners we have to bemore integrated in the market and to provide local owners with Skuld’s renowned service.With our straight ‘A’ rating and as the only Club with nine consecutive years of profit we seeourselves as the most reliable business partner in the market.”“Skuld’s extended presence in Asia will also enhance our specialist offshore service, buildingon our strong existing portfolio of offshore business and close relationships with contractors.”The regulatory authorities in Singapore are prepared to authorise the establishment of abranch office subject to certain formal requirements being met.Skuld launched a Lloyd’s Syndicate, Skuld 1897, in January 2011, to expand the productrange for Skuld’s members and clients, as well as to diversify into an expanded marinemarket. Skuld P&I and Skuld 1897 work closely together where Skuld P&I provides the claimsservice for the Syndicate.Skuld writes annual premiums in excess of US$300m. The P&I tonnage is 72 mGT withadditional charter and offshore tonnage. Skuld was upgraded to a straight “A rating” withstable outlook by Standard & Poor’s in June this year. Skuld has nine consecutive years oftechnical underwriting profit.*****SKULD, P.O.BOX 1376 VIKA, NO-0114 OSLO/TEL +47 22 00 22 00 FAX +47 22 42 42 22 /E-MAIL OSL@SKULD.COM

ContactsPelham Bell PottingerDamian BeeleyZoë Pocock020 7861 3139020 7861 3961Notes to editors:Skuld is a leading marine insurer providing Protection and Indemnity (P&I), hull & machinery,cargo, energy and marine liability cover to shipowners and charterers all over the world.Skuld P&I offers P&I for shipowners, specialist liability covers for vessel charterers, defenceinsurance as well as offshore cover. A wide variety of ancillary covers are tailored to members’and clients’ specific needs.Through the 2010 launch of Syndicate 1897, Skuld provides additional marine and energycovers such as hull & machinery, energy packages and cargo insurance to members andclients.Skuld’s worldwide offices cover virtually every time zone and are manned by a dedicated andprofessional staff representing more than 20 nationalities, and thus many culturalbackgrounds as well as a wide variety of legal, nautical and technical expertise.Through a significant diversification, Skuld now provides a comprehensive insurancepackage where Skuld P&I works together with Skuld Offshore and Skuld 1897, placingmembers and clients first.SKULD, P.O.BOX 1376 VIKA, NO-0114 OSLO/TEL +47 22 00 22 00 FAX +47 22 42 42 22 /E-MAIL OSL@SKULD.COM