Oslo-based marine insurer Hydor completed the takeover of UK protection and indemnity and hull and machinery insurer Coastal Marine Services (CMS).
The acquisition will take Hydor’s annual insurance premium over $50m and expands its reach into the small vessel market.
“The acquisition of CMS is an important step in Hydor’s strategy to build a strong position in the segment of small commercial boats offering both P&I and H&M cover to these clients”, Hydor chief executive Folkert Strengholt said.
Hydor has been on the acquisition trail having taken over competitor EF Marine in August.
Hydor is a managing general agent which offers marine insurance services backed by underwriting capital sourced from larger insurance groups such as Lloyd’s of London syndicates.
Hydor said it will continue to focus on fixed premium P&I cover for shipowners and charterers with limits up to $1bn, plus optional freight, demurrage and defence insurance and ancillary products to its clients.
Following the acquisition, Hydor will have a team of about 36 dedicated marine insurance specialists.
The company’s shareholding base is formed by private equity firm Longship, which controls the majority stake, and individuals Johan Gjernes, Morten Skomsoy, Folkert Strengholt and David Tiney together with a broader group of employees through a management share programme.
