Joint venture agreement with SiriusPoint
20/09/2023
Nordic Marine Ltd (Nordic) - Joint venture agreement with SiriusPoint
New partnership !
The Nordic team is very pleased to announce that Nordic and SiriusPoint have concluded a partnership according to which SiriusPoint, through their Stockholm office as SiriusPoint International’s MGA Centre of Excellence, will provide additional insurance capacity to Nordic on several product lines.
SiriusPoint, an A-Rated and NYSE listed global insurance and reinsurance underwriter, has chosen Nordic as partners to develop their niche and mainstream marine insurance portfolio (SiriusPoint announcement).
SiriusPoint will join the (re)insurance panel on Nordic’s own loss of earnings products – Delay and Primary Loss of Earnings Insurances – as well as on Nordic’s yacht owner’s charter cancellation insurance.
SiriusPoint will also provide blue water H&M capacity to Nordic, as a following capacity to the existing H&M facility that Nordic independently handle and sell as West Hull
Who would have thought 11 years ago that after
Developing former shareholders Alandia’s international H&M portfolio, and
Setting up current shareholder West of England P&I Club’s H&M facility “West Hull”,
we would be announcing an additional partnership with SiriusPoint for several product lines, including one for mainstream H&M?
Who would have thought 11 years ago... Well, WE did !
And it is not a surprise to us to have reached this next major step in our road map.
It is the result of the passionate, never ending hard work by the entire, and expanding, Nordic team.
A team that consistently delivered first class service to clients and positive underwriting results to its reinsurers, thus building a solid reputation in the market and a reputation synonym of nothing short than excellence.
Enthusiasm and courage are contagious, and the passion and courage that all of us at Nordic have put into this project has attracted, and is attracting the highest quality risk profiles.
Passion, together with our firm belief in long term approach to risk selection and courage to stick to our underwriting selection criteria and avoid temptations of short-lived opportunities.
"During 2022 we celebrated our 10th Anniversary."
It culminated with the launch of a new product, Primary Loss of Earnings (PLOE).
An innovative “mainstream type” cover in a more complex world.
PLOE can seamlessly be integrated in the H&M and LoH cover package by ship owners who want better financial protection against H&M marine perils increasingly reflecting new and larger geopolitical and financial exposures, frustrated by an ongoing climate volatility that makes them difficult to avoid.
Since 2012 Nordic has been about action rather than statements, signal rather than noise.
And there’s still more to come.
The road in front of us is still very long, so buckle up!