Private equity firm Longship Fund II has bought a majority shareholding in Norwegian marine insurer Hydor.
Founders Johan Gjernes and Morten Skomsoy have sold 57.12% of the company to the investor.
The two former Skuld underwriters founded the company in 2009 and developed it into a global fixed premium protection and indemnity and charterers insurance provider.
The company acts as a managing general agent that is backed by capital sourced mainly from Lloyd’s of London syndicates.
It covers 2,500 ships through offices in Oslo, Hamburg and Hong Kong with limits up to $1bn.
Gjernes said that the investment would bring fresh capital and know-how to help them develop the business further.
“This transaction will enable Hydor to accelerate its growth and strengthen the company to exploit new market opportunities, as well as expand its global presence. We are excited to embark on this journey together with Longship,” Gjernes said.
Longship describes itself as a “transformational growth investor,” which invests in small and medium-sized companies with the potential to grow.
Under the business plan management and employees will become owners in Hydor, as part of a broad management investment programme.
Impressive growth
“Hydor has shown impressive growth and development to date with a market-leading performance of their portfolio, which has impressed us,” said Espen Stenumgard, lead partner for Longship’s investment in Hydor.
“We are looking forward to supporting Hydor as it is now further developing its position in the global market,” he added.
