Administrators have been appointed
An MGA in business since 1997 has said its ceased all trading and regulated activity.
W.I.S.E. Underwriting Agency described itself as one of the oldest MGA’s in London with a ”deep understanding of marine cargo insurance”.
Products included all general marine cargo risks, stock throughput, project cargo risks and transport-operator liability.
In a message on its website, the MGA said that ”Daniel Conway and Anthony Simmons of FRP Advisory Trading Limited, together with David Farmer of Birchwood Bond, were appointed joint administrators of W.I.S.E. Underwriting Agency on 22 June 2026”.
”The company has ceased all trading and regulated activity,” it added.
War risk capacity
The news comes amid pressure on marine insurance, with approximately 1,150 cargo-carrying vessels currently being trapped in the Persian Gulf, unable to traverse the Strait of Hormuz as a result of ongoing military activity in the US-Iran war.
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The data is according to the latest Safety and Shipping Review from insurer Allianz Commercial, which highlighted that the blockade means some $125bn (£93bn) of vessel and cargo value is currently inactive.
On 22 June 2026, Lloyd’s of London launched a new Lloyd’s market consortium designed to provide additional marine war risk insurance capacity for vessels and cargo transiting the Strait of Hormuz.
It will provide up to $200m (£148m) of capacity separately for hull and protection and indemnity (P&I) risks with an additional $200m of dedicated cargo capacity.
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