Marine insurers combine to expand offering

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Norwegian marine insurer Hydor, which mainly targets the smaller vessel segment, has expanded its offering with the acquisition of EF Marine.

Oslo-based Hydor will now have offices in Rotterdam, Hamburg, Singapore, Hong Kong and Shanghai.

EF Marine CEO Folkert Strengholt said the two organisations had similar business principles, reflecting risk understanding and appetite.

“The acquisition of EF Marine represents a perfect fit for Hydor, with EF Marine being a company of equal size and providing a complementing geographical footprint, limited common producing brokers and no overlapping accounts, all within the common space of fixed premium P&I insurance,” said Hydor CEO Morten Skomsøy.

Hydor says the combined premium income of the new company, which will be owned by investment firm Longship, Hydor underwriter Johan Gjernes, Morten Skomsøy and Folkert Strengholt, is $40 million.

The two firms mainly target offshore supply, tugs, fishing, research vessels as well as bulkers, cargo and tankers.

Hydor provides insurance for more than 2,500 ships around the world and will continue to focus on fixed premium cover for ship owners and charterers, covering energy, marine hull and machinery insurance.