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