NIORD strengthens its capacity and enters strategic partnership with NorthStandard
THE new year will bring a major new strategic partnership for NIORD.
NorthStandard – one of the largest P&I clubs in the International Group – will bring leading marine liability insurance knowledge and experience to the offshore renewables insurance specialist, complementing the hands-on contingency and loss prevention know-how of its main capacity provider and owner, Norwegian Hull Club. NorthStandard also becomes NIORD’s second-largest capacity provider.
In addition, NIORD’s capacity will be further increased in 2025 by Lloyd’s syndicates Beazley and Blenheim, adding to a trio of other providers that were announced earlier this year: the two Lloyd’s syndicates SiriusPoint and Cincinnati, as well as Alandia.
“REAL IMPACT”
These latest developments cap a remarkable soon-to-be-first year for NIORD. CEO of the Bergen-based company, Georg Nygaard, said: “Our aim at NIORD is to serve the global offshore renewables industry as best we can. I’m very pleased to say that, as our first year of operations comes to an end, NIORD has made a real impact in its chosen segment and in the wider offshore renewables industry.”
“LARGER PROGRAMMES”
He added: “Our belief that dedicated service, competence and competitive insurance solutions are valued in the market has been strengthened. We’re looking forward to a new year in which we continue providing exceptional service to our valued clients and brokers, now with even greater capacity and expertise available. This means NIORD is very well positioned to lead larger programmes in 2025.
“With our newly established partnership with NorthStandard, NIORD can now access extensive competence and experience within offshore energy liabilities. This will be important in the future and significantly enhances NIORD’s already considerable competence base.
“I’d also like to say that we truly appreciate the good relations we enjoy with all our capacity providers, throughout the year, and that all are eager to continue the support. As a Lloyd’s cover holder, we value our good cooperation with the world-leading insurance and reinsurance marketplace, and we are very satisfied with having doubled our Lloyd’s capacity by adding two additional syndicates to this growing list.”
Paul Jennings, Managing Director at NorthStandard, said of the partnership with NIORD: “This is an exciting opportunity to broaden the support offered to this sector whilst benefiting from the deep knowledge, experience and technical expertise of one of the acknowledged leaders in this area. NorthStandard and NIORD both share a prudent approach to underwriting, delivering a first-class claims service combined with an unwavering commitment to responding to the evolving needs of our members and clients.”
Highlighting how the partnership with NIORD will build on NorthStandard’s commitment to supporting the growth of sustainable energy sources, Managing Director Jeremy Grose, added that 'NorthStandard has a long history of providing P&I cover for members involved in the construction, installation, maintenance, and operation of offshore wind farms’.
“TOP PRIORITY”
NIORD became operational on January 1, 2024. Looking back on an eventful year to date, Nygaard said: “I’m delighted to say that we’re ahead of budget, we’ve grown our team and our presence in the market has been – and continues to be – felt. The development of a predictable, sustainable and competitive insurance product provision for the global offshore renewables industry is a top priority for NIORD. We see knowledge sharing as a key element in achieving this.
“The overwhelmingly positive responses to NIORD’s London Wind Academy and Bergen Wind Academy, as well as our significant contributions to the development of the new Nordic Wording for Floating Offshore Wind, show that others in the segment appreciate our approach and ambitions.”
Hans Christian Seim, CEO of Norwegian Hull Club and Chair of NIORD’s Board of Directors, said: “It is a pleasure and a source of pride to see how the NIORD story continues to develop. This latest strategic partnership with NorthStandard adds important financial strength, as well as experience within the P&I segment, to NIORD.
“We look forward to seeing the hard-working NIORD team leverage these resources for the benefit of the global offshore renewables industry in 2025, offering the very best service possible. This, taken with the further syndicate additions, really illustrates the trust with which NIORD is already regarded in the market.
“It will be interesting to see the next chapter unfold in the new year as the NIORD team continues its quest to enable endless energy.”
Read more about NIORD’s securities at www.niord.com/about
