The Norwegian Hull Club, one of the world’s largest pure marine insurers, is planning to “plug into London” with the opening of its first office outside Norway.
The club’s board confirmed this week that it intends to open a branch office this year in the City of London’s EC3 district, close to the Lloyd’s market. Currently, the club operates from three Norwegian cities, Bergen, Oslo and Kristiansand, while its marine benefits medical insurance business is located in Manila, the Philippines.
At launch, the office will be staffed by a team of three, two of whom will be underwriters, although this headcount is expected to rise during the first year.
“A London office presents considerable benefits for NHC. For some time, our major London-based brokers have told us they would be extremely supportive of the club having a presence here,” said the club’s Chief Executive Faz Peermohamed.
“It also makes much sense from our perspective as the bulk of our business is via the broker markets, and London has the greatest concentration of those brokers.” Peermohamed added. “Being in the ‘Square Mile,’ allows us to strengthen our broker relationships and plug into the London market more effectively. Additionally, a London office offers the potential for growth, for developing new products and new business.”
Norwegian Hull Club said it ranks as one of the world’s largest pure marine underwriters, insuring more than 10,000 unique vessels and units.
Source: Norwegian Hull Club