Press Releases 17 Jan, 2022

Nordic marine insurance is growing

16 June 2020 – Astaara has secured a significant investment from the West of England P&I Club.

The Guernsey-based integrated insurance services and risk management advisory business says the investment reinforces its aim to position itself as the market-leading marine cyber specialist.

CEO Robert Dorey said the leadership team at Astaara was delighted to have the backing of a dedicated marine insurer. “This investment recognises the underlying demand for marine cyber specialist insurance services and validates the approach of Astaara in addressing the gaps in the existing marine and cyber insurance market,” he said.

Dorey continued, “The current market conditions are unparalleled in terms of health threats due to global pandemic – to ports, ships crews and head office operations. This has forced marine operators to be more reliant than ever on digitisation, and this is already against a backdrop of ever-increasing sophistication of cyber-attacks which disrupt supply chains, and stakeholders’ confidence in their investments.”

Tom Bowsher, CEO of West of England P&I Club said this was the perfect investment to show its Members how seriously it takes cyber security. “The cyber solution provided by Astaara is second to none and the most comprehensive in the market – we are investing in a cyber product and a team that has a huge amount of experience,” he said.

Bowsher continued, “Astaara clearly meets the demands of the shipowning and broader maritime community, of which we have a long and proud tradition of supporting. We have full confidence in Robert and the team, and the Astaara product, which in our view is the only comprehensive and integrated cyber solution that properly aligns the service that owners need with genuine experience, expertise and commitment.”

Astaara is a new company focused on risk management and loss prevention, which has developed a marine cyber insurance solution supported by a dedicated analytics capability. The integrated nature of its offering meets the challenges that marine enterprises face in a digital operating environment, with an increasing background of regulatory risk, and understanding the complex supply chain relationships. Astaara recognises that through a structured and pragmatic approach, cyber risks can be effectively identified, managed and mitigated, even in face of an increasing hostile threat environment.