Pen Underwriting’s war risk insurance specialist Vessel Protect has emerged as one of the insurers providing cover for ships carrying Ukraine grain exports.
Vessel Protect said it has given “ongoing support” for the trade, which is taking place through a new maritime corridor established by Ukraine following the collapse of the United Nations-led Black Sea Grain Initiative earlier this summer.
Munro Anderson, who joined as head of operations at Vessel Protect in July, said: “We are seeing renewed confidence among commercial operators keen to take Ukrainian grain cargoes following the establishment of the new export mechanism and maritime corridor.
“To date, 12 vessels have successfully transited inbound Ukraine using the new grain corridor and, of these, six have completed loading and made outbound passage, exporting Ukrainian grain. Vessel Protect has been at the heart of supporting these transits providing much-needed continuity of cover for maritime operators.”
Anderson, who is also co-founder of security company Dryad Global, said he expects the Ukraine trade to remain steady while confidence returns as there is strong demand for grain cargoes from the country.
In the absence of the Black Sea Grain Initiative, Vessel Protect chief executive Chris Goddard said he wants to continue to offer cover for the new maritime corridor.
“Both the ever-changing geopolitical climate and maritime conditions demand robust and rigorous underwriting and we will continue to evaluate all risks on an individual basis, taking into account all parties and the available context surrounding each and every transit,” he said.
“Our recent investment in maritime risk intelligence to sit alongside our deep insurance expertise is enabling us to take the necessary nuanced approach underpinned by robust underwriting,” he said.
Vessel Protect was part of the businesses Pen Underwriting bought from Tay River Holdings earlier this year. It was established in 2020 and specialises in underwriting marine war risks and kidnap and ransom.
