P&I, marine and energy insurance provider Gard expands its product portfolio in Japan with marine and energy risks, including hull and machinery (H&M), to its already established services.
The insurer says that it has “strong ambitions for growth in Japan” where it has been offering P&I insurance to shipowners for over 30 years.
Gard with a gross written premium in 2023 of $1.1bn will be offering now hull and machinery, war risk and loss of hire.
“Japan has one of the largest fleets in the world and it is a market where Gard has strong ambitions for growth,” says Bjørnar Andresen, Gard’s chief underwriting officer.
Bjørnar Andresen explains that they have taken the decision to expand the company’s product offering in Japan as they have seen an “increasing demand for the stable pricing, comprehensive coverage and high level of service that Gard can offer.”
The extended insurance licence is not limited to hull and machinery but also enables Gard to offer builders’ risk insurance to shipyards and energy insurance to the emerging offshore wind industry in Japan.
P&I insurer and H&M underwriter, Gard, with more than 20,000 vessels in its marine portfolio said its offices in Japan are located in Tokyo and Imabari.
“We are excited to introduce a new choice to the Japanese market for these essential insurance products. Gard has been a long-trusted partner for many Japanese shipowners, and we look forward to strengthening those relationships by showcasing our expertise and commitment in these areas,” commented Louis Shepherd, managing director in Gard Japan.
