Former Lloyd’s of London underwriter Jonathan Jones has launched a new marine insurance venture in Athens.
Maristela is targeting the market for vessels over 15 years old and flying the flag of the Americas, including Canada, Panama and the Caribbean.
It is backed by the St Kitts & Nevis-based Northernlight Reinsurance group, an insurance company launched in 2015.
It is also working closely with UK-based Costero Brokers and Heffernan Insurance Brokers.
In addition, Jones is acting as an advisor to Northernlight and his son, Andrew, has joined Maristela.
Maristela has already started to write its first insurance business and is marketing hull and machinery, yacht, cyber and war risk insurance products.
“We will be pleased to talk with old friends from around the world who share our vision for a new disruptive approach,” said Jones, who has been involved in marine insurance for close to 50 years.
The underwriter said it will use AI technology and detailed analysis of ship management, focusing on corporate social responsibility and environmental, social and governance issues.
The company’s underwriting strategy is to “recognise the importance of the human factor in risk mitigation and management”.
He said Maristela is providing insurance cover without “age discrimination” and instead increasing the focus on the human element and technical management as factors that influence risk.
“As with auto insurance, we recognise the most important aspect in risk mitigation and management is the driver and owner of the vehicle, not the age,” the company said.
“Maristela has chosen 15 years as the entry point, following a vessel successfully completing its third five-year special survey. In recognising the importance of the seafarer, we are also demonstrating not only our commitment to [corporate social responsibility] but also the owner and operator.”
