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TradeWinds 5 January 2023

Insurer Charterama targets further growth with two senior hires

Company wants to nearly double premium income by 2026

Specialist charterers liability insurer Charterama is aiming to nearly double its premium income in three years and has launched its growth plan with two new hires.

The Rotterdam-based company ranks as the third-largest dedicated charterers liability insurer but feels there is further room to grow following recent consolidation in the market.
As part of the growth plans, Charterama has taken on two experienced staff.

Kwan Tang has joined as deputy director of business development.
Tang was a charterers liability specialist with the UK P&I Club and has been tasked with expanding Charterama’s business in Asia from its Hong Kong office.

Also joining is former MS Amlin and RaetsMarine charterers liability specialist Eugene van Steekelenburg, who will be appointed a company director from May.

Managing director and co-founder Lucien Lesuis hopes to increase the current $10.5m annual premium income to between $18m and $20m in 2026.
“We have never been a volume underwriter and we pride ourselves on offering quality service at a realistic premium. Nonetheless, with the addition of these two seniors, we expect further growth of our premium volume,” he said. “By strengthening the board of directors, we also show that we take further growth and longevity seriously.

“Although Charterama was established almost 15 years ago, it has the ambition and touch and feel of a young company aiming to grow further.”
The charterers liability market has experienced some consolidation after the Norwegian Hull Club (NHC) dropped the business last year. Protection and indemnity mutuals have also targeted the market from time to time.

Lesuis thinks recent market developments have opened the door to further growth and that specialist charterers liability insurers will have the commercial edge over diversified insurers.
“With NHC withdrawing from the charterers liability and P&I market, we expect further consolidation of that nichemarket for charterers liability,” he said.

“Some commercially very active International Group P&I clubs will learn that writing fi xed premiums will not besustainable if offered too cheap, as some clubs have already experienced.”
Charterama operates as a managing general agent and has been backed by insurance giant RSA for more than 10 years.


By Adam Corbett in London, TradeWinds

Exclusively focused on Charterers Liability insurance

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