Chaucer Group and Ceto AI have launched a marine managing general agent (MGA) operating as a Lloyd’s coverholder, with underwriting capacity also provided by Tokio Marine Kiln (TMK).
Under this arrangement, Ceto is authorised to underwrite marine hull risks for Chaucer’s Lloyd’s syndicate, with TMK adding further support.
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Ceto’s approach leverages frequent vessel machinery and performance data when making underwriting decisions.
Ceto CEO and founder Tony Hildrew commented: “Marine insurance has historically relied on static information and historic loss data, despite vessels generating vast amounts of operational data every day.
“Working alongside Chaucer and Tokio Marine Kiln allows us to apply this capability within a disciplined, established market framework.”
This development marks the entry of real-time operational data into the Lloyd’s marine sector, bringing in a data-focused underwriting process intended to refine risk selection, the company noted.
The MGA will utilise Ceto’s Watchkeeper platform, which provides continuous monitoring of vessel machinery and predictive analysis of performance.
By integrating live operational data into the underwriting workflow, the model shifts away from traditional periodic inspections and static assessments, aiming for a more consistent evaluation of vessel condition.
The MGA will specifically target vessels equipped to deliver onboard machinery sensor data to inform these decisions.
Chaucer global marine hull lines head James Irvine commented: “The marine hull market is operating in an increasingly complex environment brought about by aging fleets, rising repair costs, geopolitical disruption and regulatory pressure.
“Access to high-quality, real-time operational data represents a meaningful evolution in underwriting discipline. Ceto’s approach provides greater visibility into how vessels are actually performing, allowing underwriters to assess risk based on live condition rather than historic proxies alone.”
