Nordic Marine Insurance is now fully owned by West P&I Club, after a strategic partnership that began in 2020.
The acquisition expands West's footprint in the marine insurance market, bringing Nordic’s specialised offerings into its broader portfolio, subject to regulatory approval.
Known for its expertise in delay insurance, hull and machinery (H&M), and other niche marine products, Nordic will continue to operate independently while benefiting from the resources and capital of its new parent company.
As part of the West Group, Nordic will maintain its operations under its existing brand and teams based in Stockholm and Piraeus.
Nordic managing director Dan Lennhammer said that West’s understanding of its members’ needs made the collaboration a natural step forward.
"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, especially as global instability continues to affect international shipping," said Lennhammer.
The acquisition will not affect day-to-day operations for Nordic’s clients, who will continue to benefit from access to West’s range of products and its global network.
Additionally, Nordic will continue to manage West’s Hull book, covering loss or damage to vessels’ H&M.
The acquisition is expected to strengthen West's presence in Scandinavia while meeting demand for specialist delay insurance within the marine market.
According to West Group CEO Tom Bowsher, Nordic has a strong reputation in the industry for its products, which will be developed further under the West umbrella.
"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,” said Bowsher.
How do you see this acquisition impacting the marine insurance market in the coming years? Share your thoughts in the comments.
