West of England P&I Club is to acquire what it described as a “significant” stake in specialist marine insurance provider Nordic Marine Insurance (NMI).
Stockholm-based NMI, which was founded in 2012, is a provider of specialist marine products for ship owners and charterers which includes fixed premium primary delay cover.
The agreement will extend specialist NMI products to West Members and other ship operators
The agreement, which is subject to regulatory approval in Sweden, will see West Group acquire Alandia’s shareholding in Nordic Marine Insurance. West of England said that Alandia would remain an important partner of Nordic Marine Insurance. The new venture was expected to formally launch later this year.
West Group CEO Tom Bowsher said that NMI was “a highly regarded provider of marine products that perfectly complement our own core services. This investment will significantly enhance the range of specialist products that we can offer to ship operators, as well as strengthening West’s presence in Scandinavia. There is a strong synergy between the ambitions and values of our organisations and we look forward to working in close partnership with NMI for the benefit of our Members and others.”
Alandia CEO Tony Karlström said that the new partnership would “help NMI grow its core delay business and will allow Alandia to focus on its core H&M business while still from that aspect remaining in continued cooperation with NMI. It is a solution that benefits all three parties”.
NMI managing director Dan Lennhammer said that “we are delighted to have reached agreement with West, a partner with an outstanding pedigree and global reach. We share a vision with West for providing ship operators with a broad range of high-quality products that meet all of their insurance requirements as well as benefiting from West’s global service network.”