Chaucer, a global specialty (re)insurer, and maritime technology firm Ceto AI have launched a new marine Managing General Agent operating as a Lloyd’s coverholder.
Under the arrangement, Ceto is authorised to bind marine hull risks on behalf of Chaucer’s Lloyd’s syndicate, with additional capacity provided by Tokio Marine Kiln (TMK). The MGA will use high-frequency vessel machinery and performance data to support underwriting decisions.
The initiative introduces a data-led underwriting model within the Lloyd’s marine market, designed to improve risk selection by incorporating real-time operational insights into underwriting processes.
With the global fleet averaging more than 22 years of service, traditional indicators such as vessel age are increasingly limited in assessing risk. The new MGA aims to align underwriting capacity more closely with actual vessel performance and maintenance standards.
The model is supported by Ceto’s Watchkeeper platform, which provides continuous machinery monitoring and predictive performance insights. Integrating this operational data into underwriting allows insurers to evaluate vessel condition dynamically rather than relying solely on periodic surveys or historical data.
Tony Hildrew, CEO and Founder, Ceto AI, said, “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.”
James Irvine, Head of Global Marine Hull Lines, Chaucer, said, “The marine hull market is operating in an increasingly complex environment brought about by ageing 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.”
Rob Jarvis, Divisional Head of Innovation and Portfolio Solutions, Tokio Marine Kiln, said, “The data-led approach of this new MGA complements our focus on innovation and technical excellence. We’re pleased to support an initiative that brings greater transparency and forward-looking insight to marine risk.”
The MGA will initially focus on vessels capable of producing onboard machinery sensor data, enabling insurers to incorporate live operational insights into underwriting and risk monitoring.
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