NEWS: NIORD expands its capacity and becomes Lloyd’s coverholder
After a successful launch in January 2024 and an active first quarter, offshore renewables insurance specialist NIORD became a Lloyd’s coverholder on April 1.
The Bergen-based company gained additional capacity from the same date through support from Lloyd’s syndicates managed by SiriusPoint - a global underwriter of insurance and reinsurance – and Cincinnati Global Underwriting’s Lloyd’s Syndicate 318 (a subsidiary of Cincinnati Financial Corporation). In addition to the Lloyd’s syndicates, the Finnish marine insurer Alandia also provided extra capacity to NIORD from the same date.
This extra capacity comes in addition to that provided by NIORD’s parent company, Norwegian Hull Club. The Club, one of the world’s leading marine and offshore energy insurance providers, is NIORD’s main insurance carrier and long-term strategic partner.
NIORD seeks to combine the Nordic proactive claims and service concept with Lloyd’s financial security, strong capacity and wide network of licenses and trading rights.
Norwegian Hull Club had its S&P rating reaffirmed on March 11 this year. The Club’s rating remained unchanged at ‘A’ with a stable outlook, after the ratings company revised its criteria for analysing insurers’ risk-based capital. Lloyd’s had its financial strength rating revised to ‘AA–’; outlook stable, by S&P in December 2023. Alandia had its ‘A-’ status reconfirmed by S&P in March of this year.
Strengthening the team
Not only has NIORD strengthened its insurance capacity, the company has also strengthened its team. Anja Rossland joined NIORD in the role of Business Administrator on April 12, bringing with her almost 20 years of experience as a project cost controller from marine-and-offshore-operator DOF Subsea Norway.
Ellinor Morrison Hermansson, meanwhile, recently joined the NIORD team as an Assistant Underwriter. Ellinor has prior experience working at software company Tengella AB and holds a Bachelor’s in Business & Economics from the University of Karlstad, Sweden.
‘Stronger’
CEO of NIORD, Georg Nygaard, said: “I’m delighted that NIORD is progressing as expected, with increased capacity and an even stronger organisation thanks to us getting our latest talents on board.
“We’re providing a unique service concept, as well as insurance capacity, to owners, developers and operators in the offshore renewables segment – as well as main contractors and service providers when it comes to development, construction and operation of offshore installations.
“Now, with our increased capacity, NIORD and its clients can look forward to ‘enabling endless energy’, together and with confidence.”
About Norwegian Hull Club
Norwegian Hull Club is one of the world’s largest pure marine underwriters, with roots going back to 1837. The company, headquartered in Bergen, Norway, with additional offices in Oslo and London, provides an extensive, diverse portfolio of covers for Shipowners, Offshore Energy Contractors/Operators, and Yacht Owners.
The Club insures more than 9,657 units globally as of year-end 2023. Of these, The Club is claims lead for more than half. The company’s Mission is to secure lives, health, environment and property to help protect both people and the planet.
Norwegian Hull Club has solid casualty and emergency response experience. When taken together with its comprehensive Loss Prevention Programme, Norwegian Hull Club can confidently state it is a global leader within its field.
About SiriusPoint
SiriusPoint is a global underwriter of insurance and reinsurance. Bermuda-headquartered with offices in New York and London, among other locations, the company is listed on the New York Stock Exchange (SPNT). SiriusPoint has licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. It has a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With over $3 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s.
About Cincinnati Global Underwriting
Cincinnati Global Underwriting Ltd. operates through Cincinnati Global Underwriting Agency Ltd., which is the Lloyd’s managing agent for Cincinnati Global Syndicate 318. Collectively, the group is known as Cincinnati Global.
Its responsibilities cover the full range of functions necessary to support the insurance activities of the organisation including compliance, risk management, capital and risk modelling, actuarial, finance and investments, HR and systems.
About Alandia
Alandia is an insurance company with focus on Marine, Cargo and Boat insurance. With more than 80 years of experience, Alandia delivers a standard of service and marine insurance solutions that provide long-term security, while also reducing risk and resource utilization. Headquartered on the Åland Islands with offices in Helsinki, Stockholm and Oslo, Alandia has an “A- with stable outlook” rating from S&P.
