NIORD now operational

Norwegian-based offshore renewables insurance specialist NIORD went live on January 1st. Licensed by the Financial Supervisory Authority of Norway on 18th December 2023, NIORD is 100% owned by Norwegian Hull Club. The Club will remain an insurance carrier and long-term strategic partner for its newly established subsidiary.

Norwegian Hull Club’s existing offshore renewables portfolio will be managed in run-off by NIORD, with all renewals and new offshore renewables business underwritten exclusively by NIORD on behalf of The Club.

Bergen-based NIORD will act as a Managing General Agent on behalf of Norwegian Hull Club, as well as other insurance carriers. It will focus on floating and bottom-fixed wind, wave, tidal and solar technology.

NIORD’s selling point is that it is an MGA that is fully dedicated to providing tailored insurance solutions that enable the development of the industry, securing the production of safe and sustainable energy.

The NIORD team consists of former Norwegian Hull Club employees headed by CEO Georg Nygaard, “with years of experience and expertise within the offshore renewables insurance industry and will secure a seamless transition for Norwegian Hull Club’s valued clients”, said the MGA.

A shared services agreement between NIORD and its parent company enables the MGA to fully utilize and leverage existing Norwegian Hull Club claims handling capabilities, including technical support, loss prevention and mitigation services, as well as full access to Norwegian Hull Club’s 24/7 emergency response hotline.

NIORD has confirmed security from Norwegian Hull Club and from Finnish marine insurer Alandia. It said that it was optimistic of confirming further capacity on behalf of other A-rated securities shortly.