Today is a big day for us.
We're excited to announce our new Lloyd's-backed MGA, with capacity from Chaucer and Tokio Marine Kiln. This has been a long time coming and a crucial step toward bringing real-time vessel data directly into the underwriting process.
For decades, marine hull underwriting has relied on static snapshots. Historical loss data, periodic surveys and broad indicators like vessel age. We believe this approach is outdated and now we get to do something about it.
Tony Hildrew (Founder & CEO) and Bob Clarkson (Chief Underwriting Officer) at Lloyd's of London after receiving the Lloyd's Coverholder status
Over the past few years, we've been working closely with partners across the market to test how real-time operational data can perform in practice. Most recently, we piloted this approach under a delegated binder with Howden Ventures/DUAL which gave us the live market experience to know how our unique model holds up.
Through our new MGA structure, we're now authorised as a Lloyd's Coverholder to bind marine hull risks using live machinery and performance data to inform underwriting decisions.
At the centre of all of this is Watchkeeper, our intelligence platform. Watchkeeper continuously monitors vessel machinery and performance, generating predictive insights that flag issues before they become failures or claims. It's the engine behind everything we do. It creates predictability and builds resilience for our clients and is the foundation for the future of marine insurance.
The global fleet now averages more than 22 years old, but the truth is, age does not equal condition. Two vessels built in the same year can present completely different risk profiles depending on how they've been maintained and operated. Without real-time data, that distinction is incredibly difficult to capture. In an industry that has become ever more complex amid geopolitical and regulatory pressure we believe underwriters deserve better tools that enhance and quantify decision making, and so do the owners and crews who are the keystone of the global economy, moving over $14 trillion USD worth of cargo each year.
We're now actively writing marine hull business, focusing on vessels that can provide onboard machinery sensor data. If that's you or if you work with vessels that fit that profile, then we'd love to talk:insurance@ceto.ai
— The Ceto Crew
