Oslo becomes first Russian intermediary to open an operation in the London market
Oslo Marine is set to become the first Russian insurance intermediary to operate in the London market
The insurance and investment group, which has a representative branch in the City, is in discussions with the FSA to become an approved UK-based insurance intermediary.
Keith Parker, who will manage the group's London operations, told Insurance Times: "We have opened this office as the first step in creating a proper presence in the London market.
“We have opened this office as the first step in creating a proper presence in the London market
Keith Parker, Manager of Oslo Marine's London operations
"While we have a representative office in London, in the next breath we are speaking to the FSA about getting an intermediary licence to act as an intermediary in the UK."
Talks with the FSA are likely to take three months. If approval is granted, OMG will begin to broke marine-related business from London through its Russian-based holding company.
Oslo Marine, which is based in St Petersburg and is the holding company of more than 15 firms, writes a mixture of investment and insurance business including Russian-based property and liability insurance, as well as an international book of marine hull and machinery, and related protection and indemnity.