A group of insurers has established the Asia Marine Consortium in Hong Kong to provide quality security and competitive marine hull underwriting solutions to Asian shipowners.
The consortium, comprising Jonathan Jones & Others Syndicate 329 at Lloyd's, CLM Syndicate 575 at Lloyd's and Tugu Insurance Co, Hong Kong, started its underwriting activities on June 1.
JLJ Syndicate is the leading company while Octavian Hong Kong, acting as the underwriting manager, will be headed by Paul Lee, who has 25 years of experience in the insurance industry and a solid background in the marine insurance sector.
The consortium has started with a US$25 million capacity.
The establishment of the consortium is in response to requests from the Asian Shipowners' Forum first made in 1994.
Its launch could be the first step in the formation of a pan-Asia hull market, the consortium said.
The consortium said it had proposed to the Asia-Pacific hull insurance syndicate in Singapore a re-insurance link-up which would allow greater co-operation between the SAR and Singapore.