Reinsurance broker Miller Insurance Services, owned by private equity firm Cinven and Singapore’s sovereign wealth fund, has linked up with UK-based technology company Clearwater Dynamics (CWD), which specializes in IoT connectivity, vessel tracking and risk mitigation solutions, and in collaboration with Ukrainian authorities, to introduce what Miller described as “comprehensive War Risks insurance coverage for vessels operating in the Black Sea”. The cover, said Miller, would be backed by Lloyd’s and other London market capital.
Clearwater Dynamics’ technology would enable “advanced vessel tracking and 24/7 operations room monitoring, ensuring the safety and security of vessels transiting through the vital grain corridor”.
Miller said that “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”.
Nick Summers, Head of Direct Marine at Miller, said that “working closely with Clearwater Dynamics, we have been able to demonstrate the significant real-world impact that insurance can have by combining technology with deep sector expertise. By utilizing CWD technology and operational support, we can furnish underwriters with the information they need to insure vessels as they travel through the corridor. We are open to all inquiries and look forward to helping Ukraine resume the vital international shipping of its grain”.