West P&I Club announced the full acquisition of Nordic Marine Insurance (Nordic), a provider of fixed premium insurance for the marine industry.
According to the announcement, West initially acquired a significant stake in Nordic in 2020. The two organisations have worked closely together since then, with Nordic’s specialist products expanding the services West provides its Members and the wider marine market. On 9 January 2025 it was announced that West acquired 100% of Nordic, subject to regulatory approval.
As part of West Group, Nordic will continue to operate independently with its existing brand and team from its offices in Stockholm and Piraeus, enhanced by the full support of West’s expertise and capital strength.
Following this acquisition, Nordic will continue to manage the West’s Hull book, which covers loss or damage to a vessel’s H&M with the Club benefitting from Nordic’s experienced and highly regarded team as it further develops its P&I relationships and presence in Scandinavia.
Additionally, it will help West to meet the anticipated need for specialist Delay Insurance from West’s Members and the broader market.
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.
…said Tom Bowsher, Group Chief Executive Officer, West.
West and Nordic see this agreement as an opportunity to develop and build new product lines and partnerships as well as continuing to expand existing solutions such as West Hull. As stated, looking ahead, West will continue to access and strategically develop a diverse suite of complementary marine insurance products to adapt to the changing needs of its Members and clients.
West is a forward-thinking P&I Club that talks to and understands the needs of its Members. With this in mind, we are delighted to further strengthen our alliance with West.
…said Dan Lennhammer, Managing Director, Nordic.
