Specialty re/insurer IQUW has launched a ports and terminals insurance product, expanding its marine insurance offerings.
The product, led by Ali Welchman (pictured above), provides coverage for physical loss or damage to marine property and cargo handling equipment, as well as business interruption and third-party liabilities.
Welchman will focus on developing a global ports and terminals book, bringing 10 years of experience in the sector. Previously a senior underwriter for transport and logistics at Markel International, Welchman is based in London and reports to Phil Furlong, deputy active underwriter and head of marine, energy, and aviation.
Welchman said that the ports and terminals market is evolving due to automation, climate change, and shifting geopolitical trade patterns.
The launch follows other moves by IQUW to strengthen its marine and energy capabilities, including the addition of Darren Stewart as head of marine, energy, and aviation claims; Chris Touhey as senior underwriter, energy; and Darryl Krobel as marine, energy, and aviation engineer.
Recently, the company also expanded its credit and political risk team with the addition of Andrew Tongue as underwriter. Tongue has nearly 15 years of experience in credit and political risk underwriting. Before joining IQUW, he was deputy head of credit and political risk at Canopius Group in London.
In January, the specialty re/insurer also appointed Elisabeth Groehe and George Connell to lead its portfolio solutions division. The two newly promoted leaders will focus on enhancing the division’s specialist risks and structured solutions offerings, which aim to provide innovative underwriting approaches to brokers, managing general agents (MGAs), and broker facilities worldwide.
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