The West of England P&I Club is buying a significant stake in specialist marine insurance provider Nordic Marine Insurance (NMI).
Founded in 2012 and based in Stockholm, NMI is a provider of specialist marine products for shipowners and charterers which includes fixed premium primary delay cover.
The agreement, which is subject to regulatory approval in Sweden, will see West Group acquire Alandia’s shareholding in Nordic Marine Insurance. The new venture is expected to formally launch later this year.
Tom Bowsher, West Group CEO, commented: “NMI is 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.”
Tony Karlström, Alandia CEO, commented: “The new partnership will 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”.