Amphitrite Underwriting London, a specialist managing general agent (MGA) in the marine sector, has secured an additional $40 million in capacity for its marine war insurance offering, backed by Lloyd’s.
The expansion comes as demand for marine war coverage increases due to rising geopolitical risks and the need for specialized coverage in response to complex global security threats.
The additional capacity is expected to provide brokers and clients with increased flexibility in placing risk, offering more options for those seeking protection against the growing uncertainty in maritime security.
Ben Jones, head of Amphitrite’s Marine War division since 2020, oversees the expanded coverage, which includes protection for physical damage or loss to vessels caused by war-related perils, as well as loss of hire or earnings resulting from such incidents. The policy also includes drug seizure cover for owners and operators who are not involved in illegal activities, helping mitigate additional risks for clients operating in conflict-prone regions.
Konstantinos Tampakakis, CEO of Amphitrite, noted that the expanded capacity aligns with the company’s ongoing strategy to strengthen its marine war portfolio. He emphasised the company’s focus on supporting clients as they navigate increasingly complex risk environments.
In addition to its marine war expansion, Amphitrite Underwriting has made significant strides in its broader business strategy. In 2024, the MGA received final approval from Lloyd’s to operate as a Lloyd’s coverholder.
This prestigious status enabled Amphitrite to issue policies and manage claims under Lloyd’s license. The company has described this approval as a key milestone in its efforts to achieve sustainable growth and strategic diversification.
Furthermore, Amphitrite has launched a cargo division, which is led by Scott Sykes. Sykes, who brings over 35 years of experience in the Lloyd’s market, joined the firm from Singapore, where he most recently led Argenta Underwriting Pte Ltd at Lloyd’s Asia. His extensive experience supports the continued growth and development of Amphitrite’s marine insurance offerings.
