Hydor expands marine insurance portfolio with EF Marine buy
Norwegian insurer Hydor has acquired Singapore- and Rotterdam-based counterpart EF Marine and its subsidiary.
The combined company will from now on be branded as Hydor, with a total team of 34 people and a head office in Oslo. Other company offices will be in Rotterdam, Hamburg, Singapore, Hong Kong, and Shanghai.
The acquisition follows the investment by Longship Fund II into Hydor in April 2022 and represents another step in further Hydor growth.
Following the acquisition, the expanded Hydor will be owned by Longship with Johan Gjernes, Morten Skomsøy, and Folkert Strengholt as shareholders.
As of August 4, 2023, Strengholt will be the new CEO of Hydor while Erik Bøhm will become the new CFO. The rest of the management team will include Gjernes as the chief of business development, Skomsøy as the chief underwriting officer, and Eglantine Bentz as the chief claims officer.
The joined Hydor will be a P&I and Marine MGA specialist with a premium income of $40m. The company will continue to focus on fixed premium P&I cover for shipowners and charterers with limits up to $1 bn, plus optional FD&D insurance.
The company is also doing energy, marine hull, machinery, and marine cargo insurance enabling Hydor to be a full-service provider to its clients.
