Marine war risk specialist Vessel Protect adds maritime risk intelligence and security expertise to team

Published On : 04 Jul 2023

Pen Underwriting has continued investment in its new marine specialism – following its April entry into the sector through the acquisition of five specialist marine managing general agents (MGAs) – with the appointment of Munro Anderson as Head of Operations at Vessel Protect, with effect from 1 July 2023.

Bringing 15 years’ experience, Munro joins from real-time risk intelligence and maritime security solutions provider Dryad Global where he was a founding partner. The technology-led business was set up in 2018 to help maritime clients mitigate risk and simplify security decision-making processes. Prior to that, Munro spent eight years working in intelligence and security at the UK Ministry of Defence.

Established in 2020, Vessel Protect specialises in underwriting marine war risks and kidnap & ransom (piracy), tailoring insurance protection to complex client risk and exposure while offering swift, simplified quote-and-bind cover via its digital platform.

As part of Pen’s expanding marine team, Munro will enhance Vessel Protect’s value proposition by providing maritime risk intelligence to aid underwriting decisions, expert insight to brokers and their shipowner clients, and in-depth presentations to capacity providers. He will also take responsibility for product development within Vessel Protect, the further enhancement of its technology offering and increased distribution via international brokers.

Vessel Protect joined Pen alongside Trafalgar Marine Trades, BMM Ports & Terminals, Freeboard Maritime and Fortify Marine earlier this year to bring new internationally focused underwriting capabilities across marine trades’ liability, ports & terminals liability, marine war risks, kidnap & ransom, maritime professional indemnity, freight & logistics, and brown water hull & machinery.

Chris Goddard, Co-Managing Director of Marine at Pen Underwriting and CEO of Vessel Protect, said: “We’re incredibly proud of how quickly Vessel Protect has established itself as one of the world’s pre-eminent markets for war risk insurance, and have huge ambition to keep on increasing our value proposition to brokers, their shipowner clients and our capacity providers now that we are part of the Pen family.

“Munro is well-known and highly respected in the field of global maritime risk intelligence, and brings a new and distinct skill set to that of our specialist underwriters. Together, we can deliver even greater value by offering a wide range of risk mitigation and risk transfer solutions in a digitally-enabled way, where the focus remains firmly on speed and simplicity of transaction in a complex risk arena. We’re excited to start working together for the benefit of all our stakeholders.”

Munro Anderson added: “In my view, Vessel Protect is already one of the most dynamic companies servicing the marine insurance market, having dedicated itself to becoming a ‘best in class’ provider of war risk underwriting services. I’m excited to be joining such a talented team and am particularly energised by the strategy, ambition and drive Chris and colleagues have put in place to date.

“With today’s risk environment fast-evolving to include a growing list of traditional and non-traditional threats, it’s never been more important to have a business that understands the nuances of hazards our clients face. So I’m looking forward to helping drive a strategy that has innovation and depth of product offering at its heart, as we continue to broaden our global reach and consolidate our position as the go-to marine underwriter for war risk insurance.”

Munro’s appointment to Vessel Protect and becoming part of Pen’s growing marine team follows the recent announcement that Chris Curran has joined Freeboard Maritime as Underwriting Consultant, as a specialist in marine professional indemnity and cargo liability.