The Club’s subsidiary NIORD operational from 1st January 2024
Norwegian Hull Club’s newly established subsidiary, NIORD, announced earlier today that it will be operational from 1st January 2024. NIORD is an offshore renewables insurance specialist, licensed by the Financial Supervisory Authority of Norway on 18th December 2023.
NIORD’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.
‘WIN-WIN’ FOR ALL CLIENTS
The establishment of NIORD benefits both The Club’s existing offshore renewables clients and its core portfolio of marine and energy clients. While NIORD will offer a new standard in dedicated world-class insurance products and specialised support for the vital, growing offshore renewables segment, Norwegian Hull Club will continue to cultivate its dedicated service concept for the marine and energy segment.
WHAT IS NIORD?
Norwegian Hull Club has 100% ownership of NIORD and will remain an insurance carrier and long-term strategic partner for its subsidiary. NIORD will act as a Managing General Agent (MGA) on behalf of Norwegian Hull Club, as well as other insurance carriers. It will offer its unique service concept - and insurance capacity - to owners, developers and operators of offshore renewable energy installations, including their main contractors and service providers in relation to development, construction and operation of such installations. NIORD will focus on floating and bottom-fixed wind, wave, tidal and solar technology.
NEW NAME – SAME SERVICE
From 1st January, Norwegian Hull Club’s existing offshore renewables portfolio will be managed in run-off by NIORD, with all renewals and new offshore renewables business underwritten exclusively by NIORD on behalf of The Club. The NIORD team is in the process of approaching clients and brokers directly about the practicalities of the change.
Comprising former Norwegian Hull Club employees, the NIORD team has years of experience and expertise within the offshore renewables insurance industry and will secure a seamless transition for Norwegian Hull Club’s valued clients. In addition, a shared services agreement between NIORD and its parent company enables the MGA to fully utilise and leverage existing Norwegian Hull Club claims handling capabilities including technical support, loss prevention and mitigation services, as well as full access to Norwegian Hull Club’s 24/7 emergency response hotline.
DEDICATED
Norwegian Hull Club is proud to have launched another subsidiary company, tailor-made to best support the marine and offshore energy industry. Alongside Marine Benefits and Instech Solutions, NIORD adds yet another dedicated service fully customized to cater to its clients’ specific needs.
Norwegian Hull Club would like to congratulate NIORD and its energetic team of experienced, knowledgeable employees as they embark on ‘Enabling endless energy’.
You can find out more about NIORD at www.niord.com