AI12 Limited has appointed Joseph Barness (pictured) to lead marine lines, targeting a segment facing increased war risk exposure, supply chain disruption, and rising claims costs.
Barness will oversee hull and machinery, marine cargo, protection and indemnity (P&I), and related liabilities. His remit includes exposures linked to ports, terminals, logistics operators, and other marine service providers, along with war risks affecting vessels, cargo, and crew.
The role places responsibility across both traditional marine classes and areas where coverage depends on contractual structures and liability allocation.
Barness joins with more than 17 years of insurance experience, including senior director and executive roles across marine underwriting and brokerage. His background includes work on cross-class marine risks, with attention to claims outcomes and contractual frameworks.
“AI12 has a clear ambition to build a globally recognized specialty practice with the agility and technical depth that clients and markets value,” said Barness. “Marine insurance demands expertise, clarity and strong relationships, particularly in complex risk environments.”
I’m joining AI12 to build a marine lines operation with conviction across hull & machinery, marine cargo, marine & cargo war risks and P&I, supported by disciplined risk understanding, strong market engagement, and a service model that is responsive, technical and market-leading,” Barness added.
Recent market conditions have shown how quickly geopolitical developments can affect shipping routes, fuel supply chains, and specialty insurance markets, according to company commentary issued alongside the announcement. A temporary ceasefire remains in place in parts of the region, though conditions have not returned to normal.
AI12 said marine war-risk pricing reacted sharply during the initial phase of recent tensions, with underwriters reassessing accumulation and transit exposures. The firm also noted that coverage outcomes continue to depend on policy wording, exclusions, and notice provisions, particularly in fast-moving situations.
These developments align with broader pressures already identified by the broker, including sanctions exposure, contract-driven liabilities, and inflation affecting repair and claims costs.
AI12 pointed to the importance of maintaining an operational presence during periods of disruption. The firm said its team remains based in the UAE and continues to support clients across multiple specialty lines, including marine, aviation, energy, and financial lines.
The company described local access as an operational factor that allows brokers to respond to developments with speed and context, particularly when underwriting decisions are influenced by real-time information flows and market reactions.
This approach reflects a broader industry shift where proximity to clients and markets can affect placement outcomes during periods of volatility.
The appointment follows AI12’s authorization by the Dubai Financial Services Authority and its establishment in the Dubai International Financial Centre. The firm said the hire forms part of its long-term plan to develop its specialty platform and align with international clients and underwriting markets.
Founder and CEO Anvar Mullabekov said the addition of Barness supports the company’s plan to build its marine capabilities across hull and machinery, cargo, war risks, P&I, and related liabilities.
Richard Prenter, COO and head of specialty, said the company’s approach is based on expertise, market engagement, and execution. He said Barness’ appointment supports the development of a marine lines proposition addressing cargo and liability structures alongside traditional hull exposures, with a focus on risk advisory and underwriting dialogue.
AI12 operates across four continents and serves more than 100 clients in over 60 countries, providing risk solutions across sectors including aviation, energy, financial lines, trade credit, marine, and infrastructure.
The company said the marine leadership role is intended to support client decision-making across a range of risk profiles and deepen engagement with underwriting markets, particularly in conditions where pricing and coverage terms can shift quickly.
