Following regulatory approval, West’s strategic partnership with Nordic Marine Insurance is now fully operational and we are working together to offer Delay Insurance products to our Members and others.
In February we announced that West intended to acquire a significant stake in the marine insurance provider, Nordic Marine Insurance (NORDIC), but to enable the Club to proceed we had to obtain approval from the Swedish Authorities. We are now pleased to confirm that this investment has received the necessary authorisation and the Club has completed this transaction acquiring Alandia Försäkring Abp’s shares in NORDIC.
Nordic’s Delay Insurance products provide fixed price protection at the primary level (i.e. before any Loss of Hire or similar type covers incept) and deliver budgetary certainty for ship owners, charterers and operators when vessels are subject to delay. They also complement the Club’s own core services and this investment will significantly enhance the range of specialist products the Club can offer to Members as well as strengthening its presence in Scandinavia.
While awaiting regulatory clearance, NORDIC have undergone a brand refresh which reflects their modern vision for the future in partnership with West. Their new contemporary look and feel has been implemented across their business; they have updated their website that now includes clear and informative product guides on their specified product pages.
Source: West of England P&I Club