Allianz Commercial and Coastal Marine Asia Underwriting (HK) Ltd have entered a strategic partnership to offer marine hull insurance solutions across Asia Pacific, the company said in a news release.
The agreement between Allianz Global Corporate & Specialty SE Hong Kong Branch and Coastal Marine Asia Underwriting (HK) Ltd brings together Allianz Commercial’s distribution network and regional marine capabilities with Coastal Marine’s expertise in Coastal and Brownwater vessels.
The partnership will initially focus on Hull and Machinery coverage for Coastal and Inland Tonnage in Indonesia, Singapore, Malaysia, Thailand, and Hong Kong, with plans to broaden offerings over time. Oversight of the partnership will be led by Coastal Marine’s Chief Underwriting Officer Simon Stonehouse and Hong Kong General Manager Clement Chow.
Allianz Commercial operates as part of the Allianz Group, which serves corporate and commercial clients globally through its integrated large-corporate and mid-market insurance operations.
Coastal Marine Asia Underwriting (HK) Ltd / Coastal Marine Coastal Marine functions as a Managing General Agent authorized to underwrite marine insurance products on behalf of its capacity providers.
