Chief executive says the firm has ‘huge ambitions to keep on increasing our value proposition to brokers’

London-based MGA Vessel Protect has invested in its maritime risk intelligence and security expertise with a new appointment as it looks to further increase its value proposition to brokers.

A statement released yesterday (3 July 2023) said Munro Anderson – founder of risk intelligence and martitime security solutions provider Dryad Global – will now serve as Vessel Protect’s head of operations.

The role will see him be responsible for enhancing the MGA’s value proposition by aiding underwriting decisions, providing insight to brokers and their shipowner clients and delivering presentations to capacity providers.

Anderson will also work to increase the business’ distribution via international brokers, develop new products and further enhance Vessel Protect’s technology offering.

Chris Goddard, chief executive at Vessel Protect, said: “We’re incredibly proud of how quickly Vessel Protect has established itself as one of the world’s pre-eminent markets for war risk insurance and have huge ambition to keep on increasing our value proposition to brokers, their shipowner clients and our capacity providers.”

‘Nuances of hazards’

Vessel Protect was acquired by Pen Underwriting alongside Trafalgar Marine Trades, BMM Ports and Terminals, Freeboard Martitime and Fortify Marine – part of MGA group Tay River Holdings – in April 2023.

Goddard, who is also the co-managing director of marine at parent firm Pen Underwriting, said that Anderson would bring ”a new and distinct skill set to that of our specialist underwriters”.

“Together, we can deliver even greater value by offering a wide range of risk mitigation and risk transfer solutions in a digitally-enabled way, where the focus remains firmly on speed and simplicity of transaction in a complex risk arena,” he added.

“We’re excited to start working together for the benefit of all our stakeholders.”

Anderson, meanwhile, said he was “particulary energised by the strategy, ambition and drive” the Vessel Protect team had put in place.

Prior to establishing Dryad Global, Anderson spent eight years working in intelligence and security at the UK Ministry of Defence.

“With today’s risk environment fast-evolving to include a growing list of traditional and non-traditional threats, it’s never been more important to have a business that understands the nuances of hazards our clients face,” he said.

“So, I’m looking forward to helping drive a strategy that has innovation and depth of product offering at its heart, as we continue to broaden our global reach and consolidate our position as the go-to marine underwriter for war risk insurance.”