New insurer Astaara secures investment from marine mutual

Astaara, a new integrated insurance services and risk management advisory business, has secured a new investment from the marine insurer West of England P&I Club.

The Guernsey-based company said the investment reinforces its aim to position itself as a marine cyber specialist.

“This investment recognises the underlying demand for marine cyber specialist insurance services and validates the approach of Astaara in addressing the gaps in the existing marine and cyber insurance market,” said CEO Robert Dorey.

He added: “The current market conditions are unparalleled in terms of health threats due to global pandemic – to ports, ships crews and head office operations. This has forced marine operators to be more reliant than ever on digitisation, and this is already against a backdrop of ever-increasing sophistication of cyber-attacks which disrupt supply chains, and stakeholders’ confidence in their investments.”

Tom Bowsher, CEO of West of England P&I Club, said: “The cyber solution provided by Astaara is second to none and the most comprehensive in the market – we are investing in a cyber product and a team that has a huge amount of experience.

“Astaara clearly meets the demands of the shipowning and broader maritime community, of which we have a long and proud tradition of supporting. We have full confidence in Robert and the team, and the Astaara product, which in our view is the only comprehensive and integrated cyber solution that properly aligns the service that owners need with genuine experience, expertise and commitment.”