NIORD announced as The Club’s renewables subsidiary
NORWEGIAN HULL CLUB has a long-established reputation for innovative, enabling insurance solutions. Through such covers, The Club helps its clients and members as they make choices for a greener future.
When taken alongside a service concept built upon exceptional levels of support, The Club strives to be seen as a trusted companion to its clients on their sustainability voyages, helping to de-risk the journey towards net zero.
Now, in line with this client-centric approach and with sustainability firmly in focus, Norwegian Hull Club has established a new subsidiary company dedicated to the Offshore Renewables segment – NIORD. This proactive move in the market means that, with NIORD, today’s Offshore Renewables clients can expect to receive a new standard in dedicated world-class insurance products and specialised support for this vital, growing segment.
EXPERIENCE
NIORD will have full underwriting and claims handling authority and offer cultivated insurance solutions, leveraging on the experience and specialised knowledge accumulated by the NIORD team. The company is founded upon Norwegian Hull Club’s nearly 200-year history, including decades of experience gained from the offshore Oil & Gas industry, as well as being a leading provider of Offshore Floating Wind insurance for the past five years. NIORD will seek to increase its underwriting capacity substantially through a panel of capacity providers.
LONDON WIND ACADEMY
NIORD’s launch was announced on November 2nd at London Wind Academy – a joint event between Norwegian Hull Club and Lloyd’s, attended by 100 professionals from the London and Lloyd’s market, focusing on the Offshore Floating Windfarm segment.
SERVICE CONCEPT
NIORD will serve owners, developers and operators of Offshore Renewable Energy installations, including their main contractors and service providers in relation to the development, construction, and operation of such installations. Its service concept includes claims handling, emergency response support, preventive and mitigating training for clients’ onshore personnel, in addition to operational, technical and legal advice related to insurance.
NIORD will be fully operational from early 2024, having then taken on Norwegian Hull Club’s existing Offshore Renewables portfolio as a Managing General Agent (MGA).
MISSION
The company’s Mission is to provide tailored insurance solutions that enable the development of the Offshore Renewables industry, securing the production of safe and sustainable energy. In this way, NIORD aims to quickly build on its unique marine-and-offshore-energy-insurance heritage - rooted in parent company Norwegian Hull Club - and establish itself as the preferred global Offshore Renewables insurance enabler. NIORD, which is headquartered in Bergen, Norway, will focus on floating and bottom-fixed wind, wave, tidal and solar technology.
‘GAME-CHANGER’
The CEO of NIORD is Georg Nygaard, Norwegian Hull Club’s Head of Global Energy & Specialty Underwriting since 2016. He said: “The team at NIORD has a vast breadth of knowledge, experience and know-how which will combine to create what I believe will be a game-changer in innovative, enabling offshore renewables insurance.”
‘UNIQUE TRACK RECORD’
Nygaard added: “We will leverage our unique track-record of maritime, offshore energy, and offshore renewables insurance accumulated from Norwegian Hull Club to best serve NIORD’s clients. Building on this foundation, I am confident NIORD will establish itself as the market leader for floating offshore windfarm cover, as well as bottom-fixed offshore windfarms. We will also be a specialist underwriter for other offshore renewable devices.
“Our ambitions are high but so too is our know-how. I am very excited about this landmark step in the evolution of Norwegian Hull Club and what it means for the Offshore Renewables industry as it rapidly grows in size and importance.”
Other key positions in NIORD include Chief Underwriting Officer Bin Wang, who will move over from his current role as Norwegian Hull Club’s VP Renewables, and Chief Financial Officer Pål Nytveit, The Club’s current Accounting Manager.
'MATERIAL SHIFTS’
Hans Christian Seim, CEO of Norwegian Hull Club, said: “The world is changing, the challenges are changing, and both our clients and their needs are changing. NIORD, with its focus exclusively on Offshore Renewables, reflects such material shifts. The nurturing of the Offshore Renewables Energy portfolio in a separate entity also allows Norwegian Hull Club to cultivate its focus on the dedicated service concept for its Marine & Energy clients.”
‘EVOLUTION’
Seim added: “For the Norwegian Hull Club Group, NIORD is the natural next step in the evolution of our business, responding to the opportunities and demands of the market while remaining true to our Mission as a parent company. The importance of the Offshore Renewable Energy segment to society, long term, is matched only by its incredible potential.
“This is why Norwegian Hull Club believes that through NIORD’s dedicated, specialised team, it will deliver the ‘new standard’ in enabling, innovative insurance covers for the demands of this exciting market.”
