The management of Shoreline Mutual, a leading guarantor of Certificates of Financial Responsibility (COFRs), Is to take responsibility for its business rival, ARVAK Ltd.
The deal holds out the promise of lower-cost COFRs, as the two schemes will now seek a common reinsurance program at the January 1 renewal. ARVAK, set up with the support of the Skuld P&I club, is headed by Clarence Dybeck of ICB Shipping and provides COFR guarantees to 10 million gt of US trading vessels.
Shoreline Mutual has 65 million gt of shipping in membership. Donald Yearwood, formerly of Attransco, and now of Annapolis Marine, along with Bjorn Ersman of Argonaut, will join the ARVAK board.