Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has entered into a Managing General Agent (MGA) agreement with EF Marine, effective January 1st, 2019.
The firm states that the new partnership provides it with entry into a niche and expanding marketplace that requires a high level of specialisation and service.
Swiss Re Corporate Solutions notes strong growth in the Asia Pacific maritime sector, highlighting a trend of ship owners moving from the classic mutual insurance model to a fixed income premium P&I as a result of increasingly complex marine exposures.
These risks include greater trade transparency, as well as competition and regulatory pressures, which Swiss Re Corporate Solutions says expose charterers to new liabilities that demand high levels of specialisation and services from insurance companies.
Patrizia Kern, Head Marine, Special Lines, Swiss Re Corporate Solutions, commented: “Combining EF Marine’s best-in-class P&I capabilities and expertise with our capacity and flair for innovation, will allow us to deliver tailor-made solutions to a fast evolving sector that faces new liabilities and more complex risks.
“We’re excited to partner with EF Marine to expand our product range beyond Cargo, Project Cargo and Hull and Machinery covers.”
