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Web Alert: Standard Club extends reach in Nordic market through Managing General Agency Joint Venture with Hydor AS
News & Insights 26 October 2016
Standard Hydor MGA offers Standard Syndicate marine and energy covers
The Standard Club has increased its footprint in Scandinavia by launching a Managing General Agency joint venture with Hydor AS, a well-established Oslo based marine insurance provider. Standard Hydor as has been authorised by Lloyd’s as an approved coverholder to write business on behalf of The Standard Syndicate.
The new joint venture will build on the coverholder relationship established between Hydor AS and The Standard Syndicate in 2015. Standard Hydor AS 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. These include Hull and Machinery, Energy, Cargo, Marine Property, Marine Directors’ and Officers’ Liability, Fine Art and Specie, Political Violence & 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 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. Standard Hydor will bring ‘club-style’ standards of underwriting and claims services to clients and brokers in Scandinavia.'
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.'