West has announced the full acquisition of Nordic Marine Insurance (Nordic), a leading provider of fixed premium insurance for the marine industry. Nordic specializes in Delay Insurance, Primary Loss of Earnings, Hull and Machinery (H&M), Loss of Hire, and Maritime Lien solutions.
West initially acquired a significant stake in Nordic in 2020, and since then, the two companies have closely collaborated to expand services for West’s Members and the wider marine market. With this latest move, West will own 100% of Nordic, pending regulatory approval.
Nordic will continue operating independently under its existing brand and team from its Stockholm and Piraeus offices, benefiting from West’s expertise and capital strength. Clients will see no disruptions and gain enhanced access to West’s global network and insurance products.
As part of the acquisition, Nordic will keep managing West’s Hull book, covering loss or damage to vessels' Hull and Machinery. Additionally, West aims to leverage Nordic’s expertise to strengthen its P&I relationships in Scandinavia and meet growing demand for specialist Delay Insurance.
