SPECIALTY re/insurer IQUW has launched a ports and terminals product.

The product will offer cover for physical loss or damage to marine property and cargo handling equipment, business interruption and third-party liabilities.

It will be led by Ali Welchman, who was previously senior underwriter for transport and logistics at Markel and has more than a decade of experience in the sector.

The product’s launch is the latest in a series of moves by IQUW to enhance its marine capabilities, including a recent series of hires. The re/insurer recently named Chris Touhey as senior underwriter for energy, Darren Stewart as head of marine, energy and aviation (MEA) claims and Darryl Krobel as MEA engineer.

IQUW deputy active underwriter and head of marine, energy and aviation Phil Furlong said the launch of the ports and terminals product underscored the re/insurer’s ambition to be a lead market across the marine and energy classes.

Welchman added: “The ports and terminals market is rapidly changing, influenced by a combination of technological innovation with a push towards automation, the impact of climate change and evolving geopolitical trading landscapes. I’m thrilled to join the IQUW team to develop a new product that will meet these fresh demands.”