Tom Fulford-Smith and Charles D’Alton, two of the founding partners of Far East-based Latitude Brokers, have launched a new marine insurance managing general agency (MGA) in London.
The new outfit, Ai Marine Risk, is backed by specialist insurance private equity firm BP Marsh and has taken on former Norwegian Hull Club senior underwriter Jonny Moss as its chief underwriting officer (CUO).
It has opened an office in Lime Street at the heart of London’s marine insurance community and has plans to expand its presence to Sweden.
BP Marsh said it will hold a 30% stake in Ai Marine and will provide £1.6m ($2.1m) in funding through a combination of equity and loan facility.
In a joint statement, Fulford-Smith and D’Alton said: “We are delighted to launch Ai Marine and to join the London insurance market after a great stint in Singapore and Hong Kong.
“London remains the epicentre of the marine insurance world and the best place from which to launch and grow our business.
“We are also thrilled to be working with BP Marsh and Partners Plc. BP Marsh has an outstanding track record of investments in the insurance sector and we are delighted to have their support and experience as we build Ai Marine in the years ahead.”
As an MGA, Ai Marine will offer hull and machinery, increased value, war, loss of hire and builders risks which will be underwritten by A-rated insurers.
CUO announcement
“We are also very pleased to announce that Jonny Moss joins the team as CUO. Jonny is a highly regarded market underwriter and is a pivotal part of the team who will be focused on delivering a profitable and sustainable portfolio of business,” Fulford-Smith and D’Alton added.
The Fulford-Smith name is a familiar one in shipping circles. Tom’s father, Richard, is perhaps shipping’s most high-profile sale-and-purchase shipbroker and current chief executive of Affinity.
The term Ai in the company’s name is not a reference to artificial intelligence but an attempt to keep the brand name concise as a discreet nod to Affinity, which is based nearby in the City of London.
However, Richard Fulford-Smith has no financial interest in Ai Marine.
Fulford-Smith junior and D’Alton helped launch Latitude Brokers in 2014, a marine insurance brokerage with offices in Hong Kong and Singapore which they led for eight years.
Latitude was sold to Filhet Allard Maritime last year Fulford-Smith junior and D’Alton left the company to establish Ai Marine.
BP Marsh has a strong track record in backing growth in insurance firms. Among the companies involved in marine insurance it has helped develop are Besso and Hyperion, now a part of the Howden Group.
However, the launch of Ai Marine comes at a difficult time for the marine insurance market. Although premium income has increased over recent years, brokers said rates were flat in 2023 and could be set to soften this year.
One of the factors brokers cited as potentially weighing down on rates is the arrival of new marine insurance capacity.
