Astaara more than doubles cyber underwriting capacity led by AXIS
Astaara, an integrated insurance services and risk management advisory business based in Guernsey, has more than doubled its underwriting capacity led by AXIS Specialty and increased cyber insurance limit citing “market demand” across the port and shipping sectors.
Astaara has increased its underwriting capacity and insurance limit from $12.5 million in 2020 to $25 million with effect from 1st April.
The insurance is led by A-rated cyber insurer AXIS Specialty Europe SE, with Astaara backed by significant investment from the West of England P&I Club.
Astaara’s cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. Its solution spans risk management services, underwriting services, and a dedicated analytics capability. Astaara does not exclude cyber-attacks that are deemed terrorism in its cover, and considers this as its unique proposition.
Robert Dorey, group CEO of Astaara, said: “We are able to provide such broad and dependable cover because we work closely with our clients to ensure each has a high level of cyber security maturity. If prospective clients fall short of the required level, our team will support them in reaching it. Our cyber risk consultants from government, Royal Navy and technical backgrounds are also in regular contact with retained clients to ensure their cyber maturity continues to develop during the policy period on a quarterly basis.
“With proper risk assessment and due diligence in line with the five pillars of cyber security, claims are less frequent and less severe. Our customers trust our cover because of this high-quality risk selection and the overall quality of our underwriting.”
Tom Bowsher, CEO of West of England P&I Club, added: “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. The combination of over 75 years of underwriting experience in the leadership team and market-leading specialist marine cyber knowledge is a leading one.”
Dorey concluded: “With the recent increase in our cyber insurance limit based on clients’ feedback, we have taken another step towards repaying that trust; we are pleased to be operating in the marine cyber insurance heavyweight category now.”
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