GAIC to take lead role in underwriting aquaculture portfolio
RSA has signed a deal with Global Aquaculture Insurance Consortium (GAIC) to provide capacity to underwrite aquaculture business globally, with immediate effect.
GAIC is a specialist aquaculture insurance underwriting facility administered by Lloyd’s broker Alwen Hough Johnson Ltd.
Aquaculture is the farming of aquatic organisms such as fish, crustaceans, molluscs and aquatic plants.
The deal fits with one of RSA’s core strategies to build long-term relationships with key partners and will see GAIC take a lead role in underwriting its existing aquaculture portfolio.
RSA’s international marine manager David Oldham said: “This deal represents a significant development for RSA, for GAIC and for the wider aquaculture insurance market. It underscores our commitment to this class of business and marks the start of a new and exciting mutually beneficial relationship.
“Our knowledge and experience of the aquaculture insurance market, combined with GAIC’s specialised underwriting team, will, we believe, create a strong technical team with the ability to provide first class service. It will also fuel our mutual appetite to diversify into new areas, all of which will be of benefit to our customers.”
Alwen Hough Johnson Ltd chief executive Gary Masters said: “We have been very pleased with the development of the GAIC facility in the three years since it began. We firmly believe that the contribution that RSA can make in this specialist class of insurance will benefit existing clients of GAIC and RSA, as well as potential new clients.”
GAIC’s underwriting manager Neil Hopkins said: “The combination of Lloyd’s and RSA provides the aquaculture insurance market with a very strong participant that will have an experienced team underwriting on behalf of insurers with A+ security.”