Marcato Marine Insurance Services LLC, a specialist marine insurance agency offering load limits for projects up to $147.5 million, launched on Tuesday.
Backed by Beat Capital Partners Ltd. Charlotte, North Carolina-based MGU is led by CEO and President Kevin Wolfe, who was most recently global head of project shipping at Allianz Global Corporate & Specialty SE.
Former Willis Towers Watson PLC broker Marquam Wolfe, former AGCS executive underwriter Jeffrey Hawkins and John Kiernan, former marine product line manager at Southern Insurance Underwriters Inc. have been named senior vice presidents.
Marcato will offer $20 million in limits for cargo and stock, hull and protection and indemnity, and marine liability coverage on a primary and excess basis, as well as a combined limit of $147.5 million for project cargo and delay of launch coverage.
The company said it plans to offer inland shipping coverage in the latter part of 2023.
Coverage will be available in all 50 states subject to regulatory approvals.