Standard Club expands Nordic marine footprint with MGA venture
Mutual insurance association The Standard Club has partnered with Hydor, an Oslo-based managing general agent (MGA), to create an MGA joint venture that will provide marine and energy cover across Nordic markets.
The venture, Standard Hydor, has been authorised by Lloyd’s as an approved coverholder to write business on behalf of The Standard Syndicate.
Standard Hydor will target ship-owners and offshore energy operators across the Nordic markets and will offer the Standard Syndicate’s range of marine and energy insurance covers.
The coverage includes hull and machinery, energy, cargo insurance, marine property, marine directors’ and officers’ liability, fine art and specie, political violence and terrorism covers.
Jeremy Grose, chief executive of The Standard Club, said: “Norway is the seventh largest shipping market in the world and an important market for all types of marine and energy insurance.
“This new partnership brings together the Club’s expertise in global P&I (protection and indemnity insurance) with Hydor’s local knowledge and contacts, and is an excellent opportunity for both parties.
“We believe that Standard Hydor will increase the Standard Club’s profile in the Nordic market and that the coverholder agreement with the Standard Syndicate will enable the joint venture to provide a complete insurance solution to ship owners and operators.
Johan Gjernes, founder of Hydor AS, said: “We have been looking for an opportunity to grow our share of the Nordic market and have been seeking a like-minded partner.
“The Standard Club has an excellent reputation in providing P&I cover and unrivalled expertise in claims handling. We are delighted to be working with them as they expand into the Nordic region and are very enthusiastic about our new joint venture.”
