NorthStandard and NIORD have announced a strategic partnership to build their offshore renewable energy underwriting business.

Under an agreement that comes into effect on 1st January 2025, global marine insurer NorthStandard will provide US$30m in additional capacity to insure fixed and floating wind farms as well as renewables devices.

NIORD already has an established capacity of US$115m in the sector, initially built from 100% NHC security from 1st January 2024 and subsequently expanded to include Alandia, SiriusPoint and Cincinnati.

Available capacity will increase to US$160m from 1st January 2025, including US$30M#m from NorthStandard and a further US$15m from Beazley and Blenheim.

“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”, said Jeremy Grose, managing director, NorthStandard.

Georg Nygaard, CEO of NIORD, added: “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.

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