Pen Underwriting continues expansion of marine specialism

Move brings 15-year expert to team

Pen Underwriting continues expansion of marine specialism


By Mika Pangilinan

Pen Underwriting has made further strides in bolstering its new marine specialism with the appointment of Munro Anderson (pictured) as head of operations at Vessel Protect.

Anderson assumes his new role with over 15 years of experience in the field, having been a founding partner at real-time risk intelligence and maritime security solutions provider Dryad Global. Prior to this, he also spent eight years working in intelligence and security at the UK Ministry of Defence.

As part of Pen’s expanding marine team, Munro will play a crucial role in enhancing Vessel Protect’s value proposition. He will provide maritime risk intelligence to aid underwriting decisions, offer expert insight to brokers and their shipowner clients, and deliver in-depth presentations to capacity providers.

Additionally, Munro will assume responsibility for product development within Vessel Protect, further enhancing its technology offerings and expanding distribution through international brokers.

Established in 2020, Vessel Protect specialises in underwriting marine war risks and kidnap & ransom (piracy) insurance. It offers tailored insurance protection to address complex client risks and exposures, with a focus on providing swift and simplified quote-and-bind cover through its digital platform.

In April, Pen Underwriting acquired Tay River Holdings and its wholly owned marine specialist subsidiaries – Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals.

The move brought new internationally focused underwriting capabilities across various marine trades, including marine liability, marine war risks, kidnap & ransom, maritime professional indemnity, freight & logistics, and brown water hull & machinery.

Chris Goddard, co-managing director of marine at Pen Underwriting and CEO of Vessel Protect, commented on Anderson’s appointment, expressing pride in the company’s continued expansion as a leading provider of war risk insurance.

“Munro is well-known and highly respected in the field of global maritime risk intelligence, and brings a new and distinct skill set to that of our specialist underwriters,” said Goddard. “Together, we can deliver even greater value by offering a wide range of risk mitigation and risk transfer solutions in a digitally-enabled way, where the focus remains firmly on speed and simplicity of transaction in a complex risk arena. We’re excited to start working together for the benefit of all our stakeholders.”

Anderson also praised Vessel Protect’s dedication to “becoming a 'best in class' provider of war risk underwriting services.”

“I’m excited to be joining such a talented team and am particularly energised by the strategy, ambition and drive Chris and colleagues have put in place to date,” said Anderson.”

“With today’s risk environment fast-evolving to include a growing list of traditional and non-traditional threats, it’s never been more important to have a business that understands the nuances of hazards our clients face. So I’m looking forward to helping drive a strategy that has innovation and depth of product offering at its heart, as we continue to broaden our global reach and consolidate our position as the go-to marine underwriter for war risk insurance.”

Pen has continued investment in its marine specialism, recently appointing Chris Curran as underwriting consultant to Freeboard Maritime.

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