Reinsurance News

Newly launched Astaara gets investment from West of England P&I Club

17th June 2020 - Author: Matt Sheehan

Astaara, a newly launched insurer focusing on cyber threats in the maritime industry, has received a significant investment from the West of England P&I Club.

Based in Guernsey, Astaara functions as an integrated insurance services and risk management advisory business, supported by a dedicated analytics capability.

Chief Executive Officer (CEO) Robert Dorey welcomed the investment from West of England P&I Club.

“This investment recognises the underlying demand for marine cyber specialist insurance services and validates the approach of Astaara in addressing the gaps in the existing marine and cyber insurance market,” he said.

Dorey continued: “The current market conditions are unparalleled in terms of health threats due to global pandemic – to ports, ships crews and head office operations. This has forced marine operators to be more reliant than ever on digitisation, and this is already against a backdrop of ever-increasing sophistication of cyber-attacks which disrupt supply chains, and stakeholders’ confidence in their investments.”

Tom Bowsher, CEO of West of England P&I Club, also commented: “The cyber solution provided by Astaara is second to none and the most comprehensive in the market – we are investing in a cyber product and a team that has a huge amount of experience.”

“Astaara clearly meets the demands of the shipowning and broader maritime community, of which we have a long and proud tradition of supporting,” Bowsher went on.

“We have full confidence in Robert and the team, and the Astaara product, which in our view is the only comprehensive and integrated cyber solution that properly aligns the service that owners need with genuine experience, expertise and commitment.”

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