Wedoany.com Report-Dec 18,NorthStandard and NIORD have announced a new strategic partnership to expand their offshore renewable energy underwriting business.

Under an agreement effective from 1 January 2025, global marine insurer NorthStandard will provide US$ 30 million in additional capacity to insure fixed and floating wind farms as well as renewable devices. This facility is part of a risk management partnership between renewables-focused NIORD and NorthStandard, which also anticipates the development of other sector-specific liability products.

NIORD already has an established capacity of US$ 115 million in the sector, initially built from 100% NHC security starting 1 January 2024 and subsequently expanded to include Alandia, SiriusPoint, and Cincinnati. Available capacity will increase to US$ 160 million from 1 January 2025, including US$ 30 million from NorthStandard and an additional US$ 15 million from Beazley and Blenheim.