Newly launched MGA secures £1.6m investment from BP Marsh

A new London-based managing general agent (MGA) specialising in marine hull insurance has secured the backing of private equity investor BP Marsh, a statement released today (3 January 2024) said.

Called Ai Marine Risk Limited, the MGA was established by Tom Fulford-Smith and Charles D’Alton at the end of December 2023 and underwrites a global portfolio of business with a strong focus on the UK and Europe, Middle East and Asia-Pacific regions.

It has secured A-rated capacity from a number of carriers, with the delivery of long-term profitability and sustainability for its (re)insurer partners being a central part of Ai Marine’s business plan.

To help with the MGA’s launch, BP Marsh has agreed to provide up to £1.6m of funding via a mixture of equity and a loan facility.

D’Alton and Fulford-Smith said: “We are excited to enter into this partnership with BP Marsh. They are a strong team with a proven record of sound investments and sustainable strategic partnerships.

“With their support, we look forward to achieving our long-term goals”.

Moves

D’Alton and Fulford-Smith are experienced marine insurance specialists having spent years working in the sector.

For example, Fulford-Smith started his career in 2001 as a marine insurance broker at Willis before heading to Hong Kong to join FP Marine in 2007.

And D’Alton started his career in 2006 as a shipbroker at Maersk Broker before joining the Standard Club in 2009, where he was made underwriting director for its Asia Pacific syndicate.

For their new project together, the duo decided to appoint Jonny Moss as chief underwriting officer of AI Marine.

Moss started in the marine insurance sector with XL Catlin in 2016, having previously worked for five years in the maritime defence sector on the design and consultancy of submarines and warships.

Meanwhile, as part of BP Marsh’s investment, Abi Benson, an investment director and executive director of BP Marsh and Company Ltd, will be the nominee non executive director on the board of Ai Marine.

Dan Topping, chief investment officer of BP Marsh, said: “We are very pleased to be making this investment in Ai Marine and are looking forward to working with Tom and Charles to enable Ai Marine to deliver substantial growth and robust results over the coming years.”