West of England (West) P&I Club has announced plans to acquire full ownership of Nordic Marine Insurance, contingent upon regulatory approvals. The financial terms were not disclosed.
West initially purchased a stake in Nordic in 2020. Since then, both firms have collaborated, with Nordic’s specialist offerings enhancing West’s services for its members.
Following the full acquisition, Nordic will maintain its brand and operate independently from its Stockholm and Piraeus offices. Backed by West’s capital strength, Nordic’s clients will continue to receive consistent service while gaining access to West’s global network and products.
Nordic will also continue managing West’s Hull book, which covers vessel loss or damage, while strengthening West’s P&I presence in Scandinavia.
West CEO Tom Bowsher highlighted the acquisition as part of the group’s diversification strategy.
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.
Tom Bowsher, West CEO
Nordic managing director Dan Lennhammer emphasized the importance of their products amid economic uncertainty. He noted growing demand for coverage addressing the first 14 days of financial loss for ship operators, as well as other innovative solutions.
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 as global instability continues to affect international shipping.
Nordic specializes in delay insurance, primary loss of earnings, hull and machinery, loss of hire, and maritime lien solutions. In September 2024, West renewed its Bunker Fuel Advisory service contract with Veritas Petroleum Services, a marine fuel testing specialist.