The West of England P&I Club said yesterday (16 June) it will acquire “a significant stake” in fledgling marine cyber insurance provider, Astaara Company Limited, based in London.
West of England managers described Astaara as a company focused on cyber risk management and loss prevention with a marine cyber insurance solution supported by a dedicated analytics capability.
“Responding to the growing cyber threat posed to its Members by increased digitalization and integration of electronic systems both ashore and afloat, as well as forthcoming regulatory requirements to demonstrate cyber reliance in Safety Management Systems, this strategic partnership enables the Club to provide its Members and others in the marine industry with access to a comprehensive cyber risk management and underwriting solution,” the Club said.
“It represents a further step in the West’s diversification programme and increases the range of products and services developed with carefully selected partners to complement the Club’s existing core services and support its Members throughout their operations,” added the Club’s group chief executive, Tom Bowsher.
Source:hongkongmaritimehub
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