The shipping situation in the Black Sea has led Miller and Clearwater Dynamics to partner with Ukrainian authorities to offer marine war risk coverage.
A new marine war risk initiative to protect ships transiting the Black Sea to Ukraine, providing marine war risk coverage, has been launched in a London market collaboration.
Broking firm Miller and technology provider Clearwater Dynamics (CWD) have teamed up, with support from the Ukrainian government, to provide protection, in challenge to Russia’s attempt to blockade Ukrainian ports.
“The solution will be backed by Lloyd’s and A-rated London market insurers who will provide insurance capacity to cover the policies in full,” according to Miller’s statement.
The solution utilises CWD’s technology to enable vessel tracking, combined with an 24 hour operations room, to monitor vessels and reporting into Ukraine’s “humanitarian corridor” for grain carriers, Miller said.
This would apply while vessels are in transit and in port and until exiting the high-risk area, according to the broker.
Since the collapse of the grain deal in July, Kyiv has encouraged shipping to use a humanitarian corridor by hugging the coast of Romania and Bulgaria.
Two vessels, the Aroyat and the Resilient Africa, the first grain carriers to test the new route, exited the Bosphorus about a week ago, laden with wheat, and have already reached their destinations, in Egypt and Israel, respectively.
Nick Summers, head of direct marine, Miller, said: “Insurance has a critical role to play in enabling the shipping of Ukrainian grain and we are proud to have been able to play a role in providing an industry-wide solution.
“Working closely with Clearwater Dynamics, we have been able to show the huge real world impact that insurance can have by combining technology with deep sector expertise.
“By using CWD technology and operational support, we can give underwriters the information they need to insure vessels as they travel through the corridor. We are open to all enquiries and look forward to helping Ukraine resume the vital international shipping of its grain,” Summers continued.
Admiral Sir Trevor Soar, advisor to CWD’s board, added: “By substantially enhancing confidence in the knowledge that vessels are being actively monitored whilst operating in a war risk area, this partnership will help enable safer passage of merchant ships from Ukraine and facilitate movement of grain to support a growing humanitarian need for grain export.”
APAC treaty expansion
Miller previously announced in September that it was expanding its reach by establishing a treaty reinsurance team for Asia Pacific.
The new team will be led by Richard Broad as head of treaty for the region, based in Singapore, who joins from rival intermediary Lockton.
The broker said it now has 50 employees across Singapore, Malaysia and Japan.
“APAC is a central pillar of Miller’s international growth strategy and a market in which we see clear long-term opportunities,” said Ron Whyte, head of Miller Asia.
“We want to establish meaningful and value-add reinsurance capabilities in the region and establishing this new team is a significant milestone,” he said.
Broad added: “Miller has clear ambitions to grow in APAC and this can be seen from the investments and hires it has made over the last 18 months.
“A fundamental attraction of Miller is the culture and their belief in empowering entrepreneurial brokers who want to spend their time advising clients and delivering a first-class service. This is a great time to join.”