Nordic Marine Insurance Ltd (NMI) and Försäkringsaktiebolaget Alandia (Alandia) have signed an agreement, whereby Alandia acquires 44.48% of the shares in NMI through a rights issue, which strengthens NMI’s financial position in order to prepare for further growth.
Having already cooperated in the distribution of NMI’s delay insurance products to Finnish ship owners since 2013 in a co-insurance capacity, NMI and Alandia recently announced an expansion of the co-operation through NMI’s representation of Alandia’s Hull & Machinery and Loss of Hire products to brokers and clients outside markets where Alandia is currently being active, i.e. the Nordic and Baltic countries, Poland and former CIS states.
NMI was established in 2012 and is active primarily in Continental European and, more recently, the Asian markets, thus a scope which ideally complements Alandia’s current geographical coverage. The specificity of NMI’s Primary Loss of Revenue cover, their core product, is such that it complements mainstream covers such as Hull & Machinery, Loss of Hire and Protection & Indemnity and its risk assessment is based on NMI’s knowhow in interpreting mainstream covers’ statistics to ensure the long-term quality of the portfolio. NMI has been wholly owned within the Ellingsen Group since inception.
Alandia is a well-established insurance provider of both mainstream and specialized marine insurance products, dedicated to servicing owners’ and operators’ current and future risk management needs. Alandia has a very good client portfolio and, as NMI, focuses on first class clients, outstanding service, and long term commitment. The conservative, as well as work and cost efficient, approach to clients’ selection, shared by both partners, combined with NMI’s innovative solutions, will take the combined service philosophy a step further for the benefit of clients and producers.
Tony Karlström, CEO of Alandia commented: We are very pleased to further strengthen the long term relationship with NMI and its competent and experienced crew. As a specialized marine insurer, diversification in order to cover more of the international marine insurance industry, both in term of product offering and market presence, is a strategic step in the development of Alandia’s marine insurance business.
Dan Lennhammer, CEO of NMI continues: We are very happy to welcome Alandia as shareholders and long term partners in the future development of NMI. We have a common Nordic background and share the same core values – trust, commitment, entrepreneurship and a firm belief in long term relationships. We are confident that this very close cooperation will serve to strengthen both companies’ expansion and will provide our Clients with complete insurance solutions.
For further information, please contact:
Nordic Marine Insurance Ltd
Dan Lennhammer, CEO
+46 8 506 625 91
Tony Karlström, CEO
+358 18 29 000