Italy’s Cambiaso Risso Group has acquired German boutique and special risks insurer Trident Specialist Risks Versicherungsmakler.

The Genoa-based marine insurer will purchase 100% of Hamburg-based Trident for an undisclosed price.

Its move into the German market is part of the Italian company’s plan to expand into new markets and geographies.

Trident was founded by Leo Kissel in 2011 as a special risk and marine hull insurance broking house.

Birte Kissel joined the management of the family-owned company in 2018. Both will continue in managerial roles in order to develop the business of the Hamburg company.

Trident will join a European insurance giant which has staked a claim to being the third-largest marine insurance broker worldwide.

Cambiaso Risso also claims to be the second-largest marine insurance broker in Europe as a result of its strategic partnership with French insurance broker Diot-Siaci, which has a strong presence in France and Africa.

The group lists 9,500 vessels in its hull and machinery sector and lists total premium volume of $440m in 2022.

Under managing director Mauro Iguera and chairman Marco Risso, the company has been expanding as part of a five-year plan launched in 2019 that seeks to double the size of Cambiaso Risso's business.

In recent years, the company has expanded into special risks, yachting and dry cargo chartering.

The company also moved into the protection and indemnity sector in 2020 with the acquisition of Costa Brokers, a Genoa-based P&I specialist as well as into the Greek market with the acquisition of P&I broker Fender.