Amphitrite Underwriting London has completed a buyback of Arch’s minority shareholding, making the specialist marine hull managing general agent (MGA) fully independent.
The business, founded in 2018 with seed investment and capacity support from Arch, began underwriting in 2019 with a focus on building a marine MGA underpinned by technical expertise and targeted service. At that time, the marine market was facing increased scrutiny, creating opportunities for specialist operators.
In recent years, Amphitrite has moved to expand its portfolio beyond marine hull. In April, the company secured an additional US$40 million in capacity for its marine war insurance, with backing from Lloyd’s, to address growing demand amid geopolitical uncertainty.
This expansion is part of a broader strategy that chief executive officer Konstantinos Tampakakis (pictured above) has described as a step toward greater diversification. The company has also launched a dedicated cargo division under Lloyd’s, led by industry veteran Scott Sykes, targeting a wider range of marine risks.
Amphitrite’s current product suite includes hull and machinery, cargo and marine war cover, increased value and disbursements, freight interest, ship builders and conversion, and loss of hire or earnings protection, offered through the Insurr platform.
Over nearly seven years of operation, Amphitrite has developed a marine hull portfolio that will continue to be supported by Arch, which remains a long-term capacity provider. Arch will retain its lead role in Amphitrite’s marine hull business going forward.
Tampakakis said full independence strengthens the company’s ability to attract experienced underwriters aligned with its plan to develop a diversified global marine MGA.
"This is a significant milestone in our ongoing journey of transformative growth,” he said. “I would like to thank Arch for their unwavering support from the very beginning and for their continuous support as a key strategic capacity provider."
"On behalf of Arch, I would like to congratulate Amphitrite on establishing a successful underwriting franchise in the marine sector. We look forward to maintaining our strong underwriting partnership and wish the team ongoing success with achieving their strategic objectives,” Arch Insurance International CEO Hugh Sturgess said.
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