Guernsey-based insurance services and risk management advisory business Astaara has increased its underwriting capacity and insurance limit from to $25m, effective April 1st.
Astaara’s cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by Axis Specialty Europe SE. Astaara itself is backed by significant investment from the West of England P&I Club.
Tom Bowsher, CEO of West of England P&I Club, said that “to best manage and minimise systemic risk in shipping, each individual risk, such as cyber risk, must be properly underwritten. We support Astaara’s solution because it aligns the service that insureds need with genuine experience, expertise and commitment.”
Robert Dorey said that “we are grateful for the backing of West and for the loyalty of the Club’s Members to its joint ventures”.