NorthStandard enters strategic offshore wind energy partnership with NIORD

Beneath an settlement that comes into impact on 1 January 2025, international marine insurer NorthStandard will present US$30M in further capability to insure fastened and floating wind farms in addition to renewables gadgets. The ability is a part of a threat administration partnership between renewables-focused NIORD and NorthStandard that additionally anticipates the event of different sector-specific legal responsibility merchandise.

NIORD already has a longtime capability of US$115M within the sector, initially constructed from 100% NHC safety from 1 January 2024 and subsequently expanded to incorporate Alandia, SiriusPoint, and Cincinnati. Obtainable capability will enhance to US$160M from 1st January 2025, together with US$30M from NorthStandard and an additional US$15M from Beazley and Blenheim.

“This strategic partnership with NIORD builds on our dedication to assist and facilitate the expansion of offshore wind power and different renewable sources. NorthStandard has a protracted historical past of offering cowl for members concerned within the development, set up, upkeep, and operation of offshore wind farms”, mentioned Jeremy Grose, Managing Director, NorthStandard.

NIORD’s prudent strategy balances risky CAR (Building All Threat) insurance coverage and extra benign operational dangers within the offshore wind sector, which components within the lag earlier than property come on-line. Between 2018 and 2024, NIORD premiums inside the sector elevated dramatically and additional accelerated development is forecast for 2025.

“The partnership is an thrilling alternative to broaden the assist provided to this sector while benefiting from the deep information, expertise and technical experience of one of many acknowledged leaders on this space. NorthStandard and NIORD each share a prudent strategy to underwriting, delivering a first-class claims service mixed with an unwavering dedication to responding to the evolving wants of our members”, added Paul Jennings, Managing Director, NorthStandard.

Georg Nygaard, CEO of NIORD, mentioned: “NIORD’s purpose is to determine market management within the offshore wind farm sector and develop its place as a specialist underwriter for different offshore renewable gadgets. Our robust underwriting place displays our cautious strategy to threat choice and enlargement. Our partnership with NorthStandard will develop capability progressively and differentiate NIORD on ancillary legal responsibility threat experience.

Hans Christian Seim, CEO of Norwegian Hull Membership and Chair of NIORD’s Board of Administrators, mentioned: “It’s a pleasure and a supply of delight to see how the NIORD story continues to develop. This newest strategic partnership with NorthStandard provides vital monetary energy, in addition to expertise inside the P&I phase, to NIORD”.