West P&I Club completes acquisition of Nordic Marine Insurance

West P&I Club, a global insurance provider for the maritime and offshore industries, has fully acquired Nordic Marine Insurance.

Nordic provides fixed premium insurance for the marine industry, specialising in Delay Insurance, Primary Loss of Earnings, Hull and Machinery (H&M), Loss of Hire, Maritime Lien solutions, and other specialist products.

West P&I initially acquired a significant stake in Nordic in 2020. Since then, the two organisations have worked closely together, with Nordic’s specialised products expanding West’s offerings to its members and the broader marine market.

As part of the West Group, Nordic will continue to operate under its own brand, with its existing teams based in Stockholm and Piraeus. Nordic will benefit from West’s full expertise and financial strength, while its clients will continue to receive the same services, now with expanded access to West’s global product suite and office network.

Following the acquisition, Nordic will continue managing West’s Hull book, which covers loss or damage to a vessel’s H&M.

The Club will leverage Nordic’s experienced team to further develop its P&I relationships and strengthen its presence in Scandinavia. This acquisition will also help West meet the anticipated demand for specialist Delay Insurance from its members and the broader market.

Tom Bowsher, Group CEO of West Group, said, “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. 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.”

Dan Lennhammer, Managing Director of Nordic, added, “West is a forward-thinking P&I Club that talks to and understands the needs of its Members. 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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