Singapore’s EF Marine Forms Capacity Deal with Swiss Re Corporate to Offer Fixed Premium P&I Cover

December 27, 2018

Singapore-based EF Marine announced a managing general agent (MGA) agreement with Swiss Re Corporate Solutions, effective Jan. 1, 2019.

The alliance between Swiss Re Corporate Solutions and EF Marine will support small and medium-sized shipowners, charterers and multimodal operators globally by offering tailor-made solutions to manage increasingly complex marine risks, said EF Marine in a statement.

With the strong growth in the Asia-Pacific maritime industry, there is a trend of shipowners moving from classic mutual insurance model towards fixed premium P&I due to the increasingly complex marine risks, explained the company. These risks include increased trade transparency, competition and regulatory pressures, which expose charterers to new liabilities that require high level of specialization and service from insurers.

“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 financially secure re/insurance companies in the world,” said Edwin Li, managing director at EF Marine.

“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,” stated Peter Schraa, head of Marine Cargo, APAC. “We’re excited to partner with EF Marine to expand our product range beyond cargo, project cargo and hull and machinery covers.”

Source: Swiss Re Corporate Solutions

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