West Completes Full Acquisition Of Nordic, Strengthening Marine Insurance Capabilities

West, a prominent Protection & Indemnity (P&I) Club, has announced the acquisition of 100% of Nordic, a specialist marine insurance provider, subject to regulatory approval. This move builds on West’s initial stake in Nordic acquired in 2020 and further solidifies their partnership to expand services for Members and the broader marine market.

Key Highlights of the Acquisition

1. Nordic’s Continued Independence:
   • Nordic will retain its brand and operate independently from offices in Stockholm and Piraeus, supported by West’s expertise and capital strength.
   • Nordic’s clients will benefit from seamless service continuity and access to West’s global network.
2. Enhanced Insurance Offerings:
   • Nordic will manage West’s Hull and Machinery (H&M) insurance portfolio.
   • The acquisition enables the development of specialist insurance products, including Delay Insurance, to address the financial challenges faced by shipowners and charterers.
3. Strategic Growth:
   • The collaboration will expand existing solutions, such as West Hull, and facilitate the creation of innovative marine insurance products to meet evolving market needs.

Statements from Leadership

Tom Bowsher, Group CEO of West:
“Nordic has earned a strong reputation for its innovative and high-quality products. This acquisition represents a significant step in diversifying the services we offer to our Members and reinforces our commitment to supporting the marine industry with tailored solutions.”

Dan Lennhammer, Managing Director of Nordic:

“As part of the West Group, we are well-positioned to expand our product portfolio and meet the growing demand for reliable insurance solutions. Our products addressing the first 14 days of financial loss for ship operators are increasingly vital in today’s volatile economic climate. We are excited to deepen our collaboration with West.”

Future Outlook

The acquisition aligns with West’s strategy to diversify its offerings and enhance its presence in key markets, including Scandinavia. It also signals a commitment to innovation in marine insurance, addressing emerging risks and providing robust solutions for shipowners, charterers, and brokers.

Both organizations view this partnership as an opportunity to grow their product lines and establish stronger relationships across the marine industry, ensuring Members and clients receive comprehensive and reliable insurance coverage.