NIORD deal

NorthStandard and NIORD have announced a new strategic partnership to build their offshore renewable energy underwriting business. NorthStandard will provide US$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. NIORD has an established capacity of $115 million in the sector, built from 100 per cent Norwegian Hull Club security from 1 January 2024 and expanded to include Alandia, SiriusPoint and Cincinnati. Capacity increased to $160 million from 1 January 2025, including $30 million from NorthStandard and a further $15 million from Beazley and Blenheim.