Nordic Marine Insurance fully acquired by West P&I

Tom Bowsher (left) West Group and Dan Lennhammer, MD, Nordic (right) smile at camera in seperate pictures

West P&I Club has fully acquired Nordic Marine Insurance (Nordic), subject to regulatory approval. The former initially acquired a significant stake in Nordic in 2020.

The two organisations have worked closely together since then, with Nordic’s specialist products expanding the services West provides its members and the wider marine market.

As part of West Group (which launched a new product to provide cover for vessels entering a war and piracy ‘breach’ area last January), Nordic will continue to operate independently with its existing brand and team from its offices in Stockholm and Piraeus.

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“Nordic has a strong reputation among shipowners, charterers and brokers for its innovative and high-quality products, which we will continue to build on in the interests of our members,” says
Tom Bowsher, group chief executive officer for West Group (pictured above left). “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 will continue to manage the West’s Hull book, which covers loss or damage to a vessel’s H&M with the club. It will also help West to meet the anticipated need for specialist Delay Insurance from West’s Members and the broader market.

“West is a forward-thinking P&I Club that talks to and understands the needs of its members,” says Dan Lennhammer, MD, Nordic (pictured above right). “With this in mind, we are delighted to further strengthen our alliance with West. 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. We warmly welcome the opportunity to work in closer cooperation with West to develop these products and services for the marine insurance market.”

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