Standard signs MGA joint venture with Hydor

The Standard Club has launched a Managing General Agency (MGA) joint venture with Oslo-based marine insurance provider Hydor. Standard Hydor has been authorised by Lloyd’s as an approved coverholder to write business on behalf of The Standard Syndicate.

A coverholder relationship was established between Hydor and Standard in 2015.  Standard Hydor AS will target ship-owners and offshore energy operators across the Nordic markets. It will offer The Standard Syndicate’s range of marine and energy insurance covers: Hull and Machinery; Energy; Cargo; Marine Property; Marine D&O, Fine Art and Specie, Political Violence & Terrorism covers.

Standard Club CEO Jeremy Grose said: “Norway is the seventh-largest shipping market in the world and an important market for all types of marine and energy insurance. This new partnership brings together the club’s expertise in global P&I with Hydor’s local knowledge and contacts, and is an excellent opportunity for both parties. We believe that Standard Hydor will increase The Standard Club’s profile in the Nordic market and that the coverholder agreement with The Standard Syndicate will enable the joint venture to provide a complete insurance solution to ship owners and operators. Standard Hydor will bring ‘club-style’ standards of underwriting and claims services to clients and brokers in Scandinavia.”

Hydor founder Johan Gjernes said that the company had been looking for an opportunity to grow its share of the Nordic market and have been seeking a like-minded partner. Standard was therefore an excellent fit for the Norwegian operation.