P&I underwriter signs new deal with Lloyd’s and London
Protection and indemnity (P&I) underwriter Lodestar Marine has increased its capacity fivefold to $500m (£321m), after signing a second deal since its launch in September 2012.
The new deal will provide Lodestar with a further $400m capacity from a panel of Lloyd’s and London market underwriters and is in addition to the $100m deal with RSA.
Lodestar, which is backed by Tawa plc, underwrites smaller and specialised ships.
Lodestar co-founder Charles Dymoke said: “I am delighted that we have secured further A-rated security from Lloyd’s and London market companies. The additional $400m layer takes us up to the targeted capacity that we always wanted for Lodestar. It also enables us to take the next step in our quest to reinvigorate the fixed premium P&I market.”
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