According to InsurTech Insights, the partnership seeks to create a multi-product strategic underwriting and claims delegated authority agreement.

Improving underwriting and claims management for smaller commercial maritime companies and vessel risks in the UK, Ireland, and Europe is the main objective of this cooperation.

Allianz Commercial aims to provide customized insurance solutions to a larger clientele in these areas by utilizing ProMarine's experience.

Renowned for its strong insurance offerings in a number of industries, Allianz Commercial places special focus on liability and marine insurance.

In contrast, ProMarine offers a specialised service to the maritime sector in the form of underwriting marine insurance.

ProMarine will be able to underwrite and handle claims on behalf of Allianz Commercial thanks to this relationship, which will improve their market standing and clientele.

The agreement covers a range of maritime and liability products and has a £10 million capacity. These products include employer's liability insurance, general liability, protection and indemnity, and marine hull insurance. The goal of this broad coverage is to meet the wide range of demands that clients in the maritime industry have.

Tom Argentieri, head of hull at Allianz Commercial UK, said that Allianz's dedication to providing industry-leading solutions is demonstrated by this relationship. "Liability and marine are important strategic business lines for Allianz Commercial, and this transaction shows our continued commitment to offering market-leading solutions for customers in these dynamic areas of risk," the spokesperson stated.

This consolidates our knowledge with a larger customer base and strengthens our book of business, which is varied and sustainable. The teams are eager to collaborate strategically on this project with their ProMarine counterparts.

ProMarine CEO Lena Weaire was enthusiastic about the collaboration, stressing its long-term advantages and dedication to providing all-encompassing solutions. Working with Allianz Commercial, a business that has a long history of dominating the marine and liabilities sector, is a pleasure. It illustrates our dedication to forging fruitful, long-lasting alliances in the industry and our passion to provide clients with comprehensive solutions.