Major milestone for aqua insurer

The company, which is also a major fishing vessel insurer, is consistently the largest underwriter in the aquaculture sector worldwide and its underwriting team includes five former fish farmers.

Sunderland Marine chief executive officer Tom Rutter says: “We believe our position in the market reflects our clients’ confidence in the quality and security of the cover we provide. Since we wrote our first policy for Pairc Salmon fish farm off the north-west coast of Scotland in 1986, the global aquaculture industry has grown from 10 million to 75 million tonnes a year, now representing approximately 50% of all fish supplied for direct human consumption.”

Rutter has been with Sunderland Marine for 37 years and was managing director of the aquaculture division until being promoted to CEO last September.

“In the early years, the industry consisted of mainly small owner-operated units. Today, the industry is consolidated under a relatively small number of major companies controlling many sites and has led to the introduction of stringent technical standards,” he reflects.

“Over the past 30 years we have continually adapted to the changing profile of the aquaculture sector, but we still deliver the same high quality service and security as we did back in 1986. The experience, resilience and technical expertise gained over this period is second to none and positions us well for the next 30 years,” he adds.

Aquaculture insurance is, he points out, a high-risk business.

“In the last 30 years many competing insurers have come and gone in the wake of heavy losses. The largest aquaculture companies produce millions of fish a year and ensuring they are raised in optimum growing conditions, including protecting them from predators and natural perils, is no mean feat. Insuring them is just as challenging,” he observes