Insurance provider acquires marine specialist

Insurance provider West P&I Club has fully acquired Nordic Insurance Solutions following a strategic partnership that began five years ago.

Marine specialist Nordic specialises in delay insurance, primary loss of earnings, hull and machinery (H&M), loss of hire and maritime lien propositions.

West acquired a significant stake in the business in 2020 and the two firms have worked closely together since then.

While West has now taken 100% of the business, Nordic will continue to operate independently with its existing brand and team.

Nordic will also manage the West’s hull book, which covers loss or damage to a vessel’s H&M.

Dan Lennhammer, managing director at Nordic, said: “West is a forward-thinking P&I Club that talks to and understands the needs of its members.

“With this in mind, we are delighted to further strengthen our alliance with West. Conversations with members and colleagues underline the fact that our insurance products covering the first 14 days of financial loss for ship operators, as well as our other innovative products, are of increasing importance to shipowners and charterers in today’s uncertain economic environment as global instability continues to affect international shipping.”

Expansion

West felt that taking 100% of the firm would help it expand its footprint in the marine insurance market and meet demand for specialist products, such as delay insurance.

Tom Bowsher, group chief executive at West, said: “Nordic has a strong reputation among shipowners, charterers and brokers for its innovative and high-quality products, which we will continue to build on in the interests of our members.

“This strategic acquisition is an exciting development for West and exemplifies our commitment to diversification, broadening the services and products we provide our members and the wider marine market.”