NEWS: NIORD operational from 1st January 2024
NIORD, the new Norwegian-based offshore renewables insurance specialist, will be operational from 1st January 2024. Licensed by the Financial Supervisory Authority of Norway on 18th December 2023, NIORD is 100% owned by Norwegian Hull Club. The Club will remain an insurance carrier and long-term strategic partner for its newly established subsidiary.
NIORD will act as a Managing General Agent (MGA) on behalf of Norwegian Hull Club, as well as other insurance carriers. It will offer its unique service concept, as well as insurance capacity, to owners, developers and operators of offshore renewable energy installations, including their main contractors and service providers in relation to development, construction and operation of such installations. NIORD, which is headquartered in Bergen, Norway, will focus on floating and bottom-fixed wind, wave, tidal and solar technology.
Tier-one service provider
With NIORD, the offshore renewables segment has an insurance agent that is fully dedicated to providing tailored insurance solutions that enable the development of the industry, securing the production of safe and sustainable energy. In this way, NIORD aims to quickly build on its unique marine-and-offshore-energy-insurance heritage - rooted in parent company Norwegian Hull Club - and establish itself as the preferred global offshore renewables insurance enabler. Founded upon this heritage, NIORD aims to lead the way as a tier-one service provider, delivering exceptional standards in claims handling, emergency support and response, preventive and mitigating training, operational and technical advice, as well as legal guidance related to insurance.
Experience and expertise
Comprising former Norwegian Hull Club employees headed by CEO Georg Nygaard, the NIORD team has years of experience and expertise within the offshore renewables insurance industry and will secure a seamless transition for Norwegian Hull Club’s valued clients. In addition, a shared services agreement between NIORD and its parent company enables the MGA to fully utilise and leverage existing Norwegian Hull Club claims handling capabilities including technical support, loss prevention and mitigation services, as well as full access to Norwegian Hull Club’s 24/7 emergency response hotline.
Portfolio
From 1st January, Norwegian Hull Club’s existing offshore renewables portfolio will be managed in run-off by NIORD, with all renewals and new offshore renewables business underwritten exclusively by NIORD on behalf of The Club.
Building on the foundation of confirmed security from Norwegian Hull Club as well as the Finnish marine insurer Alandia, NIORD is due to confirm further capacity on behalf of other A-rated securities shortly, reinforcing the dedication to a claims leader concept that simplifies the insurance process for its clients and their sophisticated installations.
