After careful consideration, Norwegian Hull Club has decided to cease its P&I business. First established in 2008, The Club has not succeeded in establishing a profitable P&I portfolio and as a result, it has concluded to terminate the product line to focus on continuing to build the service concept and grow its business in other segments.
Consequently, starting today, 21st June 2022, The Club will no longer enter into new – or renew – FDD, Owner’s or Charterer’s P&I business.
Norwegian Hull Club’s dedicated P&I team will continue to maintain the level of service for existing clients at the same high standards as before, until the risks expire. The Club will further strive to retain its established P&I competence and continue to utilize the knowledge to the benefit of all our clients also in the future.
A service and knowledge sharing success
While not having turned into financial profit for Norwegian Hull Club, the years of offering P&I insurance has been an investment in The Club’s knowledge and competence.
“Through offering P&I insurance and implementing liability matters as part of the Norwegian Hull Club service concept, we have built and shared knowledge that has resulted in an overall increased understanding for liability issues that will be vital for The Club’s successful continued handling of P&I matters under specific insurance products like war, yacht, energy and special risks insurance, as well as liability aspects under policies related to our core products”, CEO Hans Christian Seim comments.
“Norwegian Hull Club’s service concept is doubtless strengthened following our years as a P&I insurer”, Seim concludes.
The Club continues to expand its portfolio in other segments
The termination of the P&I product line allows for a further increased focus on growth within Norwegian Hull Club’s core business segments as the marine and offshore energy industry transitions to greener operation.
Our clients’ choices for a better tomorrow for all require innovative, enabling insurance solutions. Norwegian Hull Club’s commitment to supporting the marine and offshore energy industries in the drive towards zero emissions is laid out in its strategy and realized through continual development of insurance products and services that cater to these increasingly sustainability-driven industries, whether it be related to traditional marine insurance, the need for more tailor-made covers for special risks, or the risks arising from the growing demand for renewable energy.
Clients may direct their questions related to the termination of The Club’s termination of its P&I portfolio to their established contacts in the P&I team or to Chief Underwriting Officer Atle Fjeldstad or Chief Claims Officer Aage Solberg.