West of England Protection & Indemnity (P&I) Club, marine insurance provider, fully acquires Sweden’s Nordic Marine Insurance (Nordic), five years after West P&I bought a significant stake in Nordic.
Although they will become a full member of the West Group, Nordic will continue to operate independently with its existing brand and team from its offices in Stockholm and Piraeus.
This move will see West acquiring 100% of Nordic, a specialist in delay insurance, primary loss of earnings, hull and machinery (H&M), loss of hire, maritime Lien solutions and other specialist insurance products.
“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,” Dan Lennhammer, Managing Director, Nordic, noted.
After the acquisition, subject to regulatory approval, Nordic will continue to manage the West’s Hull book, which covers loss or damage to a vessel’s hull and machinery (H&M) with the Club, benefitting from Nordic’s experience and further developing its P&I 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.
West and Nordic see this agreement as an opportunity to develop and build new product lines and partnerships as well as continuing to expand existing solutions such as West Hull.
Tom Bowsher, group chief executive officer, West Group, said: “This strategic acquisition is an exciting development for the West Group and exemplifies our commitment to diversification, broadening the services and products we provide our members and the wider marine market.”
