MARINE FINANCE, INSURANCE & LEGAL New Marine Insurance Firm Launches
In London Tom Fulford-Smith and Charles D’Alton, the founders of Latitude Brokers, have created a new shipping insurance entity called Ai Marine Risk, having sold their old company to Filhet-Allard Maritime three years ago.
Specialist private equity investor B.P. Marsh & Partners Plc has invested in Ai Marine Risk Limited, a new managing general agent in the UK that will specialise in marine hull & machinery, increased value, war, loss of hire and builders risks insurance.
Co-founded by marine insurance specialists Tom Fulford-Smith and Charles D’Alton, Ai Marine plans to deliver risk solutions to a global portfolio of marine clients from its London headquarters and Scandinavian distribution centre.
The MGA is backed by A-rated capacity.
B.P. Marsh, whose portfolio includes UK marine cargo underwriting agency Fiducia and specialist marine Lloyd’s broker Lilley Plummer, has acquired a 30% cumulative preferred ordinary shareholding in Ai Marine, according to a London Stock Exchange filing.
The investor noted in its announcement: “B.P. Marsh has agreed to provide up to £1.6 million of funding via a mixture of equity and a loan facility, which will be partially drawn down upon completion.
“As part of this transaction, Abi Benson, an Investment Director and Executive Director of B.P. Marsh & Company Limited, will be the nominee Non-executive Director on the board of Ai Marine.”
Meanwhile the MGA’s co-founders, who will be supported by Chief Underwriting Officer Jonny Moss, having most recently held the position of senior underwriter at Norwegian Hull Club’s London office, are keen to achieve their long-term goals with the help of B.P. Marsh.
“We are very pleased to be making this investment in Ai Marine and are looking forward to working with Tom and Charles, to enable Ai Marine to deliver substantial growth and robust results over the coming years,” B.P. Marsh Chief Investment Officer Dan Topping commented.
When unexpected challenges arise at sea or in port, it is people who bring solutions and whilst digitalization and automation are driving widescale change across the financial services sector, teamwork remains a vital ingredient for success in shipping and marine insurance.
For this reason, the relationships with shipowners, their brokers and the myriad other parties involved in the marine insurance business are paramount.
It is a service culture which protects and strengthens these relationships – a service culture built upon the track record of people and values.
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www.dockyard-mag.com February Issue 2024
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