West of England set to take full control of Nordic Marine Insurance
Announcement comes five years after P&I club took initial stake
Deal will enhance marine mutual’s offer on specialist covers
WEST of England is set to take full ownership of fixed premium provider Nordic Marine Insurance, in which it has an unspecified substantial stake for the past five years.
The Stockholm- and Piraeus-based outfit offers cover for delay, primary loss of earnings, hull & machinery, loss of hire, maritime lien solutions and other specialist products.
If the deal — which is still subject to regulatory approval — goes ahead, Nordic will continue to operate independently with its existing brand and workforce, and will get the benefits of West’s capital strength. Nordic will also continue to manage the West’s hull book.
West bought a slice of NMI, which was founded in 2012, from Finnish insurer Alandia Försäkring for undisclosed consideration in February 2020.
West chief executive Tom Bowsher described the acquisition as strategic, allowing it to broaden the services and products the club provides to both members and the wider marine market.
Nordic’s managing director Dan Lennhammer said that specialist marine insurance covers were of increasing importance to shipowners and charterers in today’s uncertain economic environment.
“We warmly welcome the opportunity to work in closer co-operation with West to develop these products and services for the marine insurance market.”
