New Marine Cyber Specialist Astaara Gets Investment from West of England P&I Club

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Astaara, a marine insurance services business, announced it has secured a significant investment from UK marine insurer West of England P&I Club.

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.

Astaara said the investment (which was not disclosed) reinforces its aim to position itself as a market-leading marine cyber specialist.

“This investment recognizes 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,” said Astaara CEO Robert Dorey, in a statement.

“The current market conditions are unparalleled in terms of health threats due to global pandemic – to ports, ships crews and head office operations,” he added.

“This has forced marine operators to be more reliant than ever on digitization, and this is already against a backdrop of ever-increasing sophistication of cyber attacks which disrupt supply chains, and stakeholders’ confidence in their investments,” Dorey said.

The Astaara investment shows its members how seriously the insurer takes cyber security, said Tom Bowsher, CEO of West of England P&I Club.

“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 added.

Bowsher described Astaara’s product as “the only comprehensive and integrated cyber solution that properly aligns the service that owners need with genuine experience, expertise and commitment.”

Astaara’s managing general agent is located in London, while the parent company, Astaara Company Ltd., is domiciled in Guernsey.

Source: Astaara

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Topics Cyber

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