13.6 C
Hamburg
Saturday, June 7, 2025
Home Out of the Box NorthStandard and NIORD form strategic partnership

NorthStandard and NIORD form strategic partnership

NorthStandard and NIORD have entered into a strategic partnership to enhance their offshore renewable energy underwriting business.

Starting 1 January 2025, NorthStandard, a global marine insurer, will contribute an additional US$30 million in capacity to ensure fixed and floating wind farms, as well as renewable energy devices.

This collaboration is part of a broader risk management agreement between renewables-focused NIORD and NorthStandard, with plans to develop additional sector-specific liability products.

Jeremy Grose, Managing Director of NorthStandard, stated: “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.”

NIORD, which currently holds a capacity of US$115 million in the sector, initially backed by 100% NHC security from 1 January 2024, has expanded its capacity by including Alandia, SiriusPoint, and Cincinnati.

From 1 January 2025, its capacity will rise to US$160 million, incorporating the US$30 million from NorthStandard, plus an additional US$15 million from Beazley and Blenheim. NIORD’s cautious approach effectively balances the risks associated with volatile Construction All Risk (CAR) insurance and the more stable operational risks in the offshore wind sector, considering the delay before assets are operational.

Between 2018 and 2024, premiums within this sector saw significant growth, and further acceleration is expected in 2025.

Georg Nygaard, CEO of NIORD, said: “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.”

Hans Christian Seim, CEO of the Norwegian Hull Club and Chair of NIORD’s Board of Directors, added: “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.”





Latest Posts

Port of Long Beach appoints new managing director of engineering services

The Port of Long Beach has appointed Suzanne Plezia, P.E., as its new Managing Director of Engineering Services, succeeding Sean Gamette, P.E., who announced...

DP World and J.P. Morgan launch partnership

DP World Trade Finance has joined forces with J.P. Morgan to enhance access to working capital across emerging markets, addressing the persistent global trade...

Red Sea shipping traffic rebounds as Houthis limit targets

Red Sea maritime traffic has increased by 60% to approximately 36–37 vessels per day since August 2024, as Reuters reported. However, it still falls short...

CMA CGM applies new surcharge from Far East to West Africa

French ocean carrier CMA CGM has announced a peak season surcharge (PSS) for shipments from Northeast Asia, Southeast Asia, China and Hong Kong &...

China to counterbalance Panama setback through South America projects

As geopolitical tensions deepen and shipping lanes become politicized battlegrounds, China is recalibrating its approach to the Western Hemisphere. The recent retreat of CK Hutchison...
error: Content is protected !!