Hydor expands small vessel insurance reach
Norwegian specialist marine insurance MGA (managing general agent) Hydor has taken a further step into smaller commercial vessel insurance with the acquisition of UK-based MGA Coastal Marine Services (CMS).
Hydro will now have 36 marine insurance specialists on its payroll with its new CMS office in Chelmsford.
Both MGAs provide P&I (protection and indemnity) and H&M (hull and machinery) insurance for smaller commercial vessels, Hydor for offshore supply, tugs, fishing, research vessels as well as cargo, bulkers and tankers; CMS for tugs, barges, workboats, fish farm and so on.
“Hydor will continue to focus on fixed premium P&I cover for ship owners and charterers with limits up to $1 billion, plus optional FD&D insurance and ancillary products to its clients,” says Hydor. “The company is also doing marine hull for small craft, enabling Hydor to be a full-service provider to our clients covering their marine adventure.”
“We have been underwriting small commercial vessels for more than 15 years and we are delighted to now be part of Hydor and continue our expansion plans”, said David Tiney, CEO of CMS.
“Hydor is a progressive company and we have many exciting opportunities ahead.”
