RSA increases commitment to Lodestar Marine

Lodestar Marine, the P&I fixed premium marine insurance provider, has revealed that RSA will increase its line size limit to $500 million from $100 million from January 1, 2015.

Charles Dymoke, co-founder of Lodestar, said: “We are very pleased that RSA has decided to extend its long term working relationship with us. RSA has an excellent reputation in the marine market. With the added security of Lodestar only being with only one provider, we are certain that this will lead to improved efficiency and more business opportunity.”

John Hearn, co-founder of Lodestar, added: “The agreement by RSA to increase its line size from $100m to $500m demonstrates a heightened commitment towards Lodestar and reinforces the close working relationship formed between the two companies. From the outset Lodestar was keen to work with RSA, given its position as a leader within the Marine sector, and together we have created a Fixed Premium P&I product that has proved a credible alternative to the established Fixed Premium market and mutual P&I Clubs. To have the full weight of RSA behind us is a huge vote of confidence and inspires us to work even harder to deliver a product to a shipping market in much need of a sympathetic insurer.”