Marine insurance provider West of England (West) Protection & Indemnity (P&I) Club has announced its decision to fully acquire Nordic Marine Insurance, contingent upon regulatory approvals.
The financial terms of the transaction remain undisclosed.
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The acquisition follows West’s initial stake purchase in Nordic in 2020.
Since then, West and Nordic have worked in collaboration, with Nordic’s specialist products complementing the services West provides to its members.
With the complete acquisition, Nordic will operate independently under its current brand and team from its offices in Stockholm and Piraeus, now backed by West’s expertise and capital strength.
Nordic’s clients will benefit from continuity in service, in addition to access to West’s global network and product portfolio.
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By GlobalDataNordic will continue to manage West’s Hull book, which covers loss or damage to vessels, while leveraging its experienced team to strengthen West’s P&I relationships and presence in Scandinavia.
West CEO Tom Bowsher commented: “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.”
Nordic managing director Dan Lennhammer said: “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.”
Nordic specialises in delay insurance, primary loss of earnings, hull and machinery, loss of hire, maritime lien solutions and other specialist marine insurance products.
In September 2024, West renewed its Bunker Fuel Advisory service contract with Veritas Petroleum Services, a specialist in marine fuel testing.
