West announce the full acquisition of Nordic Marine Insurance (Nordic), a leading provider of fixed premium insurance for the marine industry, specialising in Delay Insurance, Primary Loss of Earnings, Hull and Machinery (H&M), Loss of Hire, Maritime Lien solutions and other specialist insurance products.
West initially acquired a significant stake in Nordic in 2020. The two organisations have worked closely together since then, with Nordic’s specialist products expanding the services West provides its Members and the wider marine market. Today’s announcement will see West acquiring 100% of Nordic, subject to regulatory approval.
As part of West Group, Nordic will continue to operate independently with its existing brand and team from its offices in Stockholm and Piraeus, enhanced by the full support of West’s expertise and capital strength. It will be business as usual for Nordic’s clients, who will benefit from greater opportunities to access West’s suite of products and network of offices globally.
Following this acquisition, Nordic will continue to manage the West’s Hull book, which covers loss or damage to a vessel’s H&M with the Club benefitting from Nordic’s experienced and highly regarded team as it further develops its P&I relationships and presence in Scandinavia. It will also help West to meet the anticipated need for specialist Delay Insurance from West’s Members and the broader market.