Oslo-based marine specialist MGA Hydor has announced its acquisition of Singapore- and Rotterdam-based marine MGA EF Marine and its subsidiary.
This combined entity, which will be branded as Hydor, will have a team of 34 people across its offices in Oslo (main), Rotterdam, Hamburg, Singapore, Hong Kong, and Shanghai. This acquisition also follows an investment by Longship Fund II into Hydor last year and is an important non-organic step for the firm’s growth.
According to a news release, the combined company will be a leading specialist P&I and marine MGA with a premium income of US$40 million. The firm will continue to focus on fixed premium P&I cover for shipowners and charterers with limits of US$1 billion, plus optional FD&D insurance. Hydor will also continue to offer war cover and ancillary products for its clients.
As part of the acquisition, Hydor also welcomed Folkert Strengholt as new CEO; Strengholt is also the current CEO of EF Marine. The rest of the management team consists of Erik Bøhm (chief financial officer), Johan Gjernes (chief business development), Morten Skomsøy (chief underwriting officer) and Eglantine Bentz (chief claims officer).
“From the moment we started our discussions with the Hydor management it was immediately clear our organisations share similar business principles, reflecting common risk understanding and appetite. The joined company will be well extremely positioned for the future, forming an even stronger partner for our mutual clients moving forward,” Strengholt said.
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