Marine insurance coverage supplier West of England (West) Safety & Indemnity (P&I) Membership has introduced its determination to totally purchase Nordic Marine Insurance coverage, contingent upon regulatory approvals.
The monetary phrases of the transaction stay undisclosed.
The acquisition follows West’s preliminary stake buy in Nordic in 2020.
Since then, West and Nordic have labored in collaboration, with Nordic’s specialist merchandise complementing the companies West offers to its members.
With the entire acquisition, Nordic will function independently underneath its present model and workforce from its places of work in Stockholm and Piraeus, now backed by West’s experience and capital power.
Nordic’s purchasers will profit from continuity in service, along with entry to West’s world community and product portfolio.
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Nordic will proceed to handle West’s Hull ebook, which covers loss or injury to vessels, whereas leveraging its skilled workforce to strengthen West’s P&I relationships and presence in Scandinavia.
West CEO Tom Bowsher commented: “This strategic acquisition is an thrilling growth for the West Group and exemplifies our dedication to diversification, broadening the companies and merchandise we offer our members and the broader marine market.”
Nordic managing director Dan Lennhammer mentioned: “Conversations with members and colleagues underline the truth that our insurance coverage merchandise protecting the primary 14 days of economic loss for ship operators in addition to our different revolutionary merchandise are of accelerating significance to shipowners and charterers in immediately’s unsure financial setting as world instability continues to have an effect on worldwide transport.”
Nordic specialises in delay insurance coverage, main lack of earnings, hull and equipment, lack of rent, maritime lien options and different specialist marine insurance coverage merchandise.
In September 2024, West renewed its Bunker Gasoline Advisory service contract with Veritas Petroleum Providers, a specialist in marine gasoline testing.
