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Author: Emmanuel Kenning
Source: Insurance Age | 28 May 2012
RSA has agreed to provide Global Aquaculture Insurance Consortium (GAIC) with capacity to underwrite aquaculture business on a global basis alongside an existing Lloyd’s panel.
GAIC, an underwriting facility administered by Lloyd's broker Alwen Hough Johnson, has specialised in insuring fish and shellfish farms for their stock mortality and other exposures.
The deal will see GAIC take a lead role in underwriting RSA's existing aquaculture portfolio and the business will begin to be transferred over immediately.
David Oldham, international marine manager at RSA, commented: "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."
Gary Masters, CEO of Lloyd's broker Alwen Hough Johnson, added: "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."