West P&I to acquire stake in Nordic Marine Insurance
The West of England P&I Club intends to acquire a significant stake in specialist marine insurance provider Nordic Marine Insurance (NMI). Founded in 2012 and based in Stockholm, NMI is a provider of specialist marine products for ship owners and charterers; its services include a fixed premium primary delay cover.
The agreement, which is subject to regulatory approval in Sweden, will see West Group acquire Alandia’s shareholding in Nordic Marine Insurance. Alandia will remain an important partner of NMI. The new venture is expected to formally launch later this year.
West Group CEO Tom Bowsher commented: “NMI is a highly regarded provider of marine products that perfectly complement our own core services. This investment will significantly enhance the range of specialist products that we can offer to ship operators and strengthen West’s presence in Scandinavia." (mw)