Hydor Acquires EF Marine
Oslo-based Marine MGA Hydor AS has acquired all the shares in the Singapore- and Rotterdam-based marine MGA, EF Marine Pte. Ltd., and its subsidiary.
The combined company will from hereafter be branded as Hydor, with a total team of 34 people, having offices in Oslo (head office), Rotterdam, Hamburg, Singapore, Hong Kong and Shanghai. The acquisition follows the investment by Longship Fund II into Hydor in April 2022.
Morten Skomsøy, current CEO of Hydor, said, “The acquisition of EF Marine represents a perfect fit for Hydor with EF Marine being a company of equal size and providing complementing geographical footprint, limited common producing brokers and no overlapping accounts, all within the common space of fixed premium P&I insurance.”
Folkert Strengholt, current CEO of EF Marine, said, “From the moment we started our discussions with the Hydor management it was immediately clear our organizations share similar business principles, reflecting common risk understanding and appetite. The joined company will be well extremely positioned for the future, forming an even stronger partner for our mutual clients moving forward.”
The joined Hydor will be a specialist P&I and Marine MGA with a premium income of $40 million. Hydor will continue to focus on fixed premium P&I cover for shipowners and charterers with limits up to $1 billion, plus optional FD&D insurance. The company will continue to provide war cover and ancillary products to its clients. The company is also doing energy, marine hull and machinery and marine cargo insurance, enabling Hydor to be a full-service provider to clients in marine and energy.
Following the acquisition, the new Hydor will be owned by Longship, Johan Gjernes, Morten Skomsøy and Folkert Strengholt as shareholders. As of August 4, 2023, Folkert Strengholt will be the new chief executive officer of Hydor forming the management team together with Erik Bøhm (chief financial officer), Johan Gjernes (chief business development), Morten Skomsøy (chief underwriting officer) and Eglantine Bentz (chief claims officer).
