Newcastle-based NorthStandard, the global marine insurer, announced a new strategic partnership with Norway’s Niord to grow business in offshore renewable energy underwriting.

Niord is a fully owned subsidiary of Norwegian Hull Club.

NorthStandard will provide $30 million in additional capacity to insure fixed and floating wind farms as well as renewables devices.

The facility is part of a risk management partnership between renewables-focused Niord and NorthStandard that also anticipates the development of other sector-specific liability products.

NorthStandard MD Jeremy Grose said: “This strategic partnership with Niord builds on our commitment to support and facilitate the growth of offshore wind energy and other renewable sources.

“NorthStandard has a long history of providing cover for members involved in the construction, installation, maintenance, and operation of offshore wind farms.”

Niord CEO Georg Nygaard said: “Niord’s aim is to establish market leadership in the offshore wind farm sector and grow its position as a specialist underwriter for other offshore renewable devices.

“Our strong underwriting position reflects our cautious approach to risk selection and expansion. Our partnership with NorthStandard will grow capacity progressively and differentiate Niord on ancillary liability risk expertise.”

Hans Christian Seim, CEO of Norwegian Hull Club and chair of Niord’s board, said: “It is a pleasure and a source of pride to see how the NIORD story continues to develop.

“This latest strategic partnership with NorthStandard adds important financial strength, as well as experience within the P&I segment, to Niord.”