Singapore-based marine underwriter EF Marine has formed a managing general agent (MGA) agreement with Swiss Re Corporate Solutions, effective January 01.
The alliance will help EF Marine further penetrate the sector and offer fixed premium protection and indemnity (P&I) insurance to cover increasingly complex marine risks. The partnership seeks to cater to small- and medium-sized ship owners, charterers, and multimodal operators globally.
According to EF Marine, the strong growth in Asia-Pacific’s maritime industry, has led to a trend of ship owners moving from a classic mutual insurance model towards fixed premium P&I in order to address increasingly complex marine risks. These risks include increased trade transparency, competition, and regulatory pressures, which expose charterers to new liabilities that require a high level of specialization and service from insurers.
“Our underwriters have in-depth knowledge of clients’ businesses and are supported by skilled claims professionals who are determined to provide quick solutions and 24/7 emergency response assistance,” said Edwin Li, managing director of EF Marine. “By working with Swiss Re Corporate Solutions, we can offer our clients some of the largest capacities in the market from one of the largest and [most] financially secure re/insurance companies in the world.”
“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,” said Peter Schraa, Swiss Re Corporate Solution’s head of marine cargo for APAC. “We’re excited to partner with EF Marine to expand our product range beyond cargo, project cargo, and hull and machinery covers.”
