NorthStandard Partners with NIORD to Expand Offshore Renewable Energy Insurance Capacity

The UK-based marine insurer, NorthStandard, has announced a long-term partnership with the Norwegian Hull Club subsidiary, NIORD – expanding its reach into offshore renewable energy.

NorthStandard, which employs over 600 professionals in 11 different countries, is one of the world’s largest providers of mutual maritime cover. NorthStandard’s partnership with NIORD will allow for additional capacity to insure fixed and floating wind farms and renewables devices, as well as the anticipated growth of other sector-specific liability products.

In effect from January 2025, NorthStandard will provide £23.5m ($30m) in additional capacity, working alongside the likes of NHC Security, Alandia, SiriusPoint, Cincinnarti, and fellow new partner Beazley and Benhaim.

This partnership comes as the offshore renewable sector continues to grow, including in the UK, which has a target of quadrupling offshore wind power by 2030. To match these targets, contractors are under increased pressure to retain liabilities within deductibles and seek cover risks to support the market’s continued growth.

Jeremy Grose, Managing Director, NorthStandard said: “This strategic partnership with NIORD builds on our commitment to support and facilitate the growth of offshore wind energy and other renewable sources. NorthStandard has a long history of providing cover for members involved in the construction, installation, maintenance, and operation of offshore wind farms.”

Paul Jennings, Managing Director, NorthStandard added: “The partnership is an exciting opportunity to broaden the support offered to this sector whilst benefiting from the deep knowledge, experience and technical expertise of one of the acknowledged leaders in this area.

“NorthStandard and NIORD both share a prudent approach to underwriting, delivering a first-class claims service combined with an unwavering commitment to responding to the evolving needs of our members.”

Georg Nygaard, CEO of NIORD, said: “NIORD’s aim is to establish market leadership in the offshore wind farm sector and grow its position as a specialist underwriter for other offshore renewable devices,”

“Our strong underwriting position reflects our cautious approach to risk selection and expansion. Our partnership with NorthStandard will grow capacity progressively and differentiate NIORD on ancillary liability risk expertise.”

Hans Christian Seim, CEO of the Norwegian Hull Club and Chair of NIORD’s Board of Directors, said: “It is a pleasure and a source of pride to see how the NIORD story continues to develop. This latest strategic partnership with NorthStandard adds important financial strength, as well as experience within the P&I segment, to NIORD.”