West P&I Club Completes Acquisition of Nordic Marine Insurance
Deal News | Jan 10, 2025 | Re-Insurance News
West P&I Club, a major player in the global insurance sector for the maritime and offshore industries, has completed its acquisition of Nordic Marine Insurance, a provider of fixed premium insurance products for the marine industry. Initially acquiring a significant stake in 2020, West P&I has now fully integrated Nordic into its operations. Nordic, renowned for its specialized insurance offerings such as Delay Insurance, Primary Loss of Earnings, and Hull and Machinery (H&M), will continue to operate under its current brand but with enhanced support from West P&I's global resources. The acquisition aims to leverage Nordic's expertise to strengthen West's position in the marine market, particularly in Scandinavia, while broadening its service portfolio. Both companies emphasize the strategic benefits of this development, highlighting the importance of innovative insurance solutions in today's volatile economic conditions.
Sectors
- Insurance
- Maritime
Geography
- Global – West P&I Club has a broad global reach, offering insurance products to members worldwide across the maritime sector.
- Sweden – Nordic Marine Insurance is based in Stockholm, Sweden, where it operates part of its team.
- Greece – Nordic Marine Insurance has part of its team based in Piraeus, Greece.
Industry
- Insurance – The article primarily discusses an acquisition in the insurance industry, focusing on specialized marine and offshore insurance products.
- Maritime – Both companies are involved in providing insurance services within the maritime industry, highlighting their focus on marine-related risk management.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| West P&I Club | Bidding Company/Buyer | Company | A global provider of insurance to the maritime and offshore industries, known for its Protection & Indemnity (P&I) services. |
| Nordic Marine Insurance | Target Company | Company | A provider of fixed premium insurance products for the marine industry, specializing in Delay Insurance, Loss of Earnings, and other solutions. |
| Tom Bowsher | Person | Group CEO of West Group, commenting on the strategic acquisition. | |
| Dan Lennhammer | Person | Managing Director of Nordic Marine Insurance, expressing enthusiasm for the acquisition and collaboration. |