NorthStandard expands with £23.5 million move

A Newcastle-headquartered marine insurer is expanding its offshore renewable energy offering through a £23.5 million partnership to meet growing global demand in the sector.

NorthStandard, one of the world’s largest mutual maritime insurers with a team of over 600 professionals across 11 countries, has partnered with NIORD, a subsidiary of the Norwegian Hull Club, to provide additional capacity for insuring fixed and floating wind farms and renewable energy devices. The long-term partnership will take effect from January 2025.

Jeremy Grose, managing director of NorthStandard, said: “This strategic partnership with NIORD builds on our commitment to support and facilitate the growth of offshore wind energy and other renewable sources. 

“NorthStandard has a long history of providing cover for members involved in the construction, installation, maintenance and operation of offshore wind farms.”

Fellow managing director Paul Jennings added: “The partnership 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.”

The deal adds £23.5 million in capacity and aligns NorthStandard with partners such as NHC Security, Alandia, SiriusPoint, Cincinnarti, and fellow new partner Beazley and Benhaim. 

It will also address the sector’s need for liability cover as offshore renewables, particularly wind power, expand globally.

Georg Nygaard, chief executive officer of NIORD, added: “NIORD’s aim is to establish market leadership in the offshore wind farm sector and grow its position as a specialist underwriter for other offshore renewable devices,”

“Our strong underwriting position reflects our cautious approach to risk selection and expansion. 

“Our partnership with NorthStandard will grow capacity progressively and differentiate NIORD on ancillary liability risk expertise.”

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