Why nmip and not Nordic Marine or NMI?

17/11/2020
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Why nmip and not Nordic Marine or NMI?

by Compliance Officer Charlotte Djerf

“Why is Nordic Marine Insurance’s website called www.nmip.se?”
“Why do you have a website address www.nmip.se and not a more instinctive name like NMI, Nordic Marine or Primary Delay insurance?”

These are recurring questions from brokers and clients when they look for Nordic Marine Insurance on the web… and have difficulties in finding us.

Well, our domain name www.nmip.se was originally a choice of necessity for various reasons, but as Chief Governance Officer I will focus on a probably little known (to international markets) regulatory specificity of Sweden.

  • First, Swedish regulations do not allow a company to include the term “insurance company” or “marine insurance company” in the name unless and until the company is fully audited and approved by the Swedish Financial authorities. In other words, at the time we were facing a “chicken and egg” situation as we needed a domain before the approval as this normally could take some time.
  • Secondly, companies in Sweden have to have a Swedish name, but those amongst them that trade in the international field have the option to have an additional “international” name. The authorities thus assist a company to be more easily identified and identifiable on the international market.

So, we needed to have a Swedish name without the words “marine insurance company” or “insurance company” until the approval process was completed, whilst needing to have an international name that reflected both.

The initial period of activity was based on a market line slip facility, fully reinsured with London Market A-Rated security and our initial international trading name was Nordic Marine Insurance Partners, NMIP, hence the domain www.nmip.se.

From day one, Dan Lennhammer and Claudio Blancardi, knew they wanted the company to be called Nordic Marine Insurance Ltd. They wanted the name to reflect both the Scandinavian distinctiveness, known and well reputed worldwide, and their recognised experience in the specialist niche marine insurance market.

Since 8th October 2012, i.e.: the date of approval by the Swedish authorities (in record time), our two legal names are:

  • Nordisk Marinförsäkring AB, our primary legal name, and
  • Nordic Marine Insurance Ltd as our additional “international” name

For the many of you who know Dan Lennhammer and Claudio Blancardi I think it is fair to say that whilst 50% of the duo is unquestionably Scandinavian, this is less the case for the other 50%.
It does not take away the professionalism and it doesn’t hamper the passion with which they aim to deliver the best service to all.
For sure, and as many of our market contacts point out, this provides a unique and entertaining combination during meetings!

I hope this short article has shed a light on the why behind “NMIP”, and can assure everyone that we will soon improve both internet search efficacy and ease of access.

"Watch this space!"