A strategy to zoom in on niches has proven to be the perfect thing for Lavaretus, a small marine insurance company headquartered in Copenhagen, say CEO Lars Hendriksen and COO and head of underwriting Michael Weber in an interview with ShippingWatch three years after the company set up shop in the Danish capital.
Only by standing out from more ordinary marine insurance companies is it possible to make money in an otherwise struggling market characterized by significant overcapacity. This was the reasoning at the time. And according to the two partners, the industry has in recent years discovered the small player, which works de facto as agents for Lloyd's in London, and which has the Maersk Group as a major customer. The insurance company was there when container ship Emma Maersk sprang a leak in the Suez Canal in 2013.
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