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Insurance Review: Shoreline becomes new Arvak manager

Shoreline Mutual (Bermuda) has become the new manager of Arvak, a Bermuda-based provider of Certificates of Financial Responsibility (COFRs) for ships entering US waters.

Kevin Stevenson   |   9 January 1998

Shoreline Mutual Management, which is a subsidiary of Mutual Risk Management, also manages competing COFR provider Shoreline Mutual (Bermuda) Arvak and Shoreline will continue to operate as separate entities, despite being managed by the same managers.

Simon Scupham, Shoreline Mutual Management chairman, said: "Having these complementary, yet totally distinct and separate COFR operations under common management makes considerable logistical and economic sense."

Clarence Dybeck, ICB Shipping chairman and Arvak president, says: "The joint management of Arvak and Shoreline Mutual will bring significant management efficiencies and provide superior reinsurance purchasing power to both programmes. These benefits should occur even though the programmes will continue to have separate coverages and limits."

Donald Yearwood, chairman of Shoreline Mutual, said having two facilities 'efficiendy side by side provides a menu of COFR products to the solve needs of most, if not all, shipowners".