Shipping security expert Munro Anderson is turning his hand to the insurance sector with a move to Pen Underwriting in the UK.
The co-founder of security company Dryad Global has joined as head of operations at Pen’s war risk operation Vessel Protect.
Pen said the move shows it is continuing to invest in shipping after entering the marine market in April through the acquisition of five specialist managing general agents (MGAs).
Anderson set up Dryad in 2018 to help shipowners mitigate risk and simplify security decision-making processes.
He had previously spent eight years working in intelligence and security at the UK’s Ministry of Defence.
Vessel Protect was part of the package of businesses Pen bought from Tay River Holdings three months ago.
It was established in 2020 and specialises in underwriting marine war risks and kidnap and ransom.
“As part of Pen’s expanding marine team, Munro will enhance Vessel Protect’s value proposition by providing maritime risk intelligence to aid underwriting decisions, expert insight to brokers and their shipowner clients, and in-depth presentations to capacity providers,” Pen said.
He will also take responsibility for product development within Vessel Protect, the further enhancement of its technology offering and increased distribution via international brokers.
‘Highly respected’
Chris Goddard, co-managing director of Marine at Pen, and CEO of Vessel Protect, said: “We’re incredibly proud of how quickly Vessel Protect has established itself as one of the world’s pre-eminent markets for war risk insurance, and have huge ambition to keep on increasing our value proposition to brokers, their shipowner clients and our capacity providers now that we are part of the Pen family.”
“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,” he added.
Anderson said Vessel Protect is already one of the most dynamic companies servicing the marine insurance market.
“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,” he added.
