The Norwegian Hull Club has launched an offshore renewable energy subsidiary as it looks to diversify and take advantage of the global growth in green energy.

NIORD launched this week at the London Wind Academy, a joint project run by the NHC and Lloyd’s of London to increase knowledge in the insurance markets of the offshore renewable business.

The Bergen-based company hopes to be fully operational by 2024.

The venture will take on the NHC’s existing offshore renewables book and seek to expand the business.

It will be supported by the NHC and partly backed by its capital.

However, it will also operate as an independent managing general agent and seek to attract additional sources of capital from the general insurance market.

NHC chief executive Hans Christian Seim said the move would support the club’s existing shipowner members who have moved into the offshore renewable energy market, as well as provide a platform for diversification.

By separating offshore renewables, it also keeps the NHC as a dedicated marine insurance provider.

“NIORD is the natural next step in the evolution of our business, responding to the opportunities and demands of the market while remaining true to our mission as a parent company. The importance of the offshore renewable energy segment to society, long term, is matched only by its incredible potential,” Seim said.

The move also enhances NHC’s adoption of environmental, social and governance measures in its business plan.

NHC’s head of global energy and specialty Georg Nygaard has been appointed NIORD chief executive.

He said NIORD will have fully dedicated in-house underwriting and claims expertise in the offshore wind farm business acquired from the NHC.

Nygaard said the offshore renewable market offers enormous potential for growth as new projects start up around the world and the market for deepwater floating wind farms continues to expand.

“Our ambitions are high but so too is our know-how,” he said. “I am very excited about this landmark step in the evolution of NHC and what it means for the offshore renewables industry as it rapidly grows in size and importance.”