Termination of Alandia/Nordic H&M agreement
Termination of Alandia/Nordic H&M agreement
Alandia Försäkring Abp (Alandia) and Nordic Marine Insurance Ltd (Nordic) have been cooperating on a number of products and projects, for a number of years.
Particularly since 2017, Alandia and Nordic have cooperated in the distribution of Hull & Machinery and all ancillary covers primarily in the European market, excluding the Nordic countries and the Baltic States, both of which have always been handled directly by Alandia.
Nordic represents Alandia in the international market and has serviced and managed the submissions from non-Nordic brokers (screening, analysis, day to day management, claims handling, etc). A cooperation that produced good results for both parties.
The purpose of this mission being for Nordic to assist Alandia in the internationalisation of their portfolio through its extensive international broker network.
And for Alandia to provide Nordic with their recognised expertise in mainstream owner’s cover so as for Nordic to better outline the natural inter-connections between their niche delay cover and the mainstream covers.
However, as both Alandia and Nordic are focusing on the optimization and further development of their resources to provide a yet more flexible and efficient service to the market, the parties mutually agreed that as of 1.1.2021 it was open for all brokers, and at their discretion, to decide on whether to send a submission directly to Alandia, or channel it via Nordic.
One year has now passed since the parties opened up for all brokers to approach Alandia directly on international business. The system has again been jointly evaluated and one conclusion is that it has caused unnecessary communications problems to the day-to-day underwriting and claims’ operations, between the brokers on one side and Nordic/Alandia on the other side.
Considering the above, Nordic and Alandia are in agreement that as of 1 April 2022, all further communication relating to insurance policies written by Alandia through Nordic should be handled directly between the brokers and Alandia. However, brokers who wants to transfer the business directly to Alandia earlier are of course free to do so.
"New business is now handled directly by Alandia from today and renewal negotiations from 20 February 2022 onwards."
For further information, please contact:
Nordic Marine Insurance (Nordic) is a specialized fixed premium marine insurer based in Stockholm.
A team of recognized and experienced professionals provide tailor-made and innovative insurance solutions for ship operators The main product offered is fixed premium delay insurance, covering loss of revenue at primary level caused by a wide scope of ship related incidents and shore side perils.
Further information: www.nmip.se
Alandia Insurance is based on the Åland Islands in Finland with strong connections to the shipping industry.
The company, Alandia Försäkring Abp , was founded in 1938 to primarily service the local ship owning community, and has since then developed to become one of the leading marine insurers in the Nordic region. Alandia offers today a wide range of insurance products primarily catering to the maritime industry, e.g., Hull & Machinery, Loss of Hire, Protection & Indemnity, Pleasure boats and Cargo insurance.
The operation spans the Nordic countries, he Baltic States as well as, more recently, also the international markets.
Further information: www.alandia.com