Rokstone, Allianz Commercial collaborate for marine cargo business

Rokstone, Allianz Commercial collaborate for marine cargo business | Insurance Business Australia

Reinsurance

Rokstone, Allianz Commercial collaborate for marine cargo business

New facility complements another initiative earlier this year

Reinsurance

By
Kenneth Araullo

Allianz Commercial and Rokstone, the global re/insurance managing general agent (MGA) under the Aventum Group, have launched a collaborative effort introducing a US$10 million facility dedicated to marine cargo business.

This arrangement expands Allianz’s capabilities in wholesale marine distribution and enables Rokstone to globally underwrite direct and reinsurance cargo business with full binding authority from London.

The latest venture also complements an existing US$25 million facility initiated earlier this year by Rokstone for its North American marine operations.

Rob Birchard, marine portfolio manager at Rokstone, outlined the scope of the new facility as it partners with Allianz for the venture.

“This new facility is for both direct and reinsurance and means we can write direct European business with full binding authority for the first time, broadening our geographical distribution,” he said. “We’re delighted to be extending our relationship with Allianz with this new facility. Rokstone has an enviable record that has resulted in long term collaborations with our carriers and a 100% retention rate. Brokers know that they will get access to the best capacity and a fast service from Rokstone.”

Phil Graham, head of marine at Allianz Commercial UK, also commented on the expansion and its value for the company.

“We are pleased to extend our agreement with Rokstone to additional marine lines and territories,” Graham said. “It demonstrates Allianz Commercial’s commitment to specialty business and the strategic focus on marine for our business. Rokstone’s technology, expert underwriting, and commitment to broker service will help us continue to expand the reach of our high-quality products and solutions for our clients worldwide.”

Elsewhere, the reinsurance MGA also recently announced open access for its limits of indemnity (LOI) calculator, a tool designed to assist brokers in determining suitable indemnity limits for D&O (directors and officers) insurance clients.

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