Allianz Global Corporate & Specialty SE Hong Kong Branch has entered into a collaborative arrangement with Coastal Marine Asia Underwriting (HK) Ltd to extend marine hull insurance coverage across the Asia-Pacific region. The agreement integrates Allianz’s distribution infrastructure in Asia-Pacific with Coastal Marine’s focus on small-vessel and inland waterway insurance.
Through the arrangement, Coastal Marine will deliver hull and machinery coverage for smaller commercial and inland vessels operating across five key markets:
The framework allows for expansion into additional coverage types as both organisations develop their working relationship. Christian Sandric, regional managing director of Allianz Commercial Asia, commented: “We are excited to partner with Coastal Marine, whose specialised knowledge and customer-centric approach perfectly complement Allianz’s commitment to innovation and reliability. This collaboration reinforces our shared goal of supporting the marine sector with unparalleled protection and risk management solutions.”
Coastal Marine’s leadership discussed how the partnership impacts the company’s product line. Callum Clark, chief executive officer, said: “This marks a significant milestone in expanding our marine hull product line. Partnering with Allianz Commercial represents a major step forward in our mission to deliver tailored, best-in-class solutions for Asia’s growing marine industry."
Simon Stonehouse, serving as chief underwriting officer, and Clement Chow, Hong Kong general manager, will direct day-to-day operations for the partnership. Stonehouse arrived at Coastal Marine in 2024 following a 40-year career spanning Lloyd's and reinsurance roles in Singapore. He maintains involvement in maritime industry organisations. Chow, employed since 2019, developed multiple marine insurance products before joining Coastal Marine; his prior experience includes management positions across Hong Kong’s insurance and managing general agent sectors.
The Allianz-Coastal Marine partnership develops as the International Union of Marine Insurance (IUMI) and the Hong Kong Maritime Port Development Board (HKMPDB) pursue professional capability building across Asia’s marine insurance community. On Nov. 18, the organisations executed a formal agreement creating an educational infrastructure for the region. The Hong Kong Federation of Insurers (HKFI) will administer the initiative.
The framework establishes three principal targets:
The IUMI has compiled instructional packages covering cargo and hull insurance, now available to local practitioners across varying experience levels throughout Asia.
