New MGA launches for ports and terminals
Acies MGU has launched a new Managing General Agent (MGA) targeting the specific needs of the ports and terminals sector. The new venture, named TEDmar International, is supported by capacity from a consortium within the Lloyd’s market. It aims to provide specialized insurance coverage for port authorities and terminal operators.
The entity will offer protection across a range of areas including liability, property, equipment, and operational risks. Its underwriting appetite covers physical assets such as port buildings, warehouses, and hard standings. It also extends to cargo handling equipment and ancillary port craft.
The marine insurance sector often requires distinct expertise due to the technical nature of the risks involved. Establishing a dedicated vehicle allows for a sharper focus on these complex liabilities than a generalist insurer might typically maintain. The move is designed to fill what the founders see as a gap in the market for specialized coverage options.
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Specialized Leadership
The new business is being led by marine insurance specialists Mark Trevitt and Charlie Newman. Trevitt steps into the role of managing director, bringing over 35 years of experience in marine underwriting to the position. His career includes leading ports and terminals initiatives at Navigators and Travelers Syndicate.
He has also worked internationally, including a stint at Lloyd’s Asia in Singapore. Prior to this role, he was with IGI. Charlie Newman joins as the director of underwriting. He arrives with more than a decade of experience specifically in ports and terminals. His background also includes six years spent working at major brokers Marsh and JLT following his time at IGI.
The creation of standalone MGAs for specific verticals is a common mechanism in the Lloyd’s market to deploy capital efficiently. It allows syndicates to participate in specialized lines without dedicating internal resources to build the underwriting teams themselves. This approach has been increasingly used to niche down into complex areas like ports and terminals, where general knowledge is often insufficient to accurately price risk.
Underwriting Strategy
Trevitt stated that the team has built three of the largest and most profitable ports and terminals portfolios in London from scratch. “We apply a disciplined, individually underwritten approach to this complex market,” Trevitt said.
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He noted that their understanding of exposures ranges from marine professional indemnity to port property and business interruption. This positions the company as a new expert for port authorities, terminal operators, and the shipping ecosystem. The underwriting strategy is to be one that is strictly adhered to, avoiding the temptation to follow broader market trends.
Mark Heath, chief executive at Acies MGU, highlighted the strategic importance of the move. “Acies is keen to establish a strong presence in the marine market and we’re confident that TEDmar offers that first vital step in demonstrating our ability and expertise in this complex market,” Heath said.
The operation enters a market that relies heavily on the continuity of operations and the protection of heavy physical infrastructure. By targeting this specific segment, the MGA intends to serve the broader shipping community through its Lloyd’s backing.
