One of shipping’s largest independent charterers liability insurance providers, Charterama, has renewed its multi-year deal with its main financial backer RSA Luxembourg.

The two have partnered to grow the Charterama business since 2012. They have struck a new five-year deal, rather than the annual renewals that are more typical of such partnerships in the sector.

“Over the past decade, our collaboration has empowered us to deliver exceptional value to our clients, and we are excited to build upon this success in the years to come,” said Peter Verhesen, head of marine Europe at RSA Luxembourg.

Rotterdam-based Charterama’s premium grew in 2023 by 26% from $10.5m to $13.2m. It has also picked up some notable clients recently, such as local shipping firm Spliethoff.

It has managed to grow despite increasing competition from mutual protection and indemnity insurers in fixed premium business lines like charterers’ liability.

Charterama claims to have achieved an annual combined ratio between 76% and 89%, indicating its technical underwriting has been consistently profitable.

Double in size

Having secured the long-term backing of RSA, Charterama management has set an ambition to double in size in the coming years, mainly through organic growth.

It hopes to do that through continuing to expand its global network, which was recently boosted through key appointments in Hong Kong, and the Dominican Republic to service the North and South American markets.

Commenting on the contract renewal with RSA, Charterama managing director and co-founder Lucien Lesuis said: “Together, we are well positioned to navigate the evolving landscape of the insurance industry and meet the diverse needs of our customers.

“The contract extension ensures robust longevity for our company and for our clients.”