Steamship Mutual’s new office enhances Cyprus role in shipping

The Steamship Mutual Underwriting Association’s new European office in Limassol gives prestige and consolidates Cyprus as a quality cluster of international maritime activities, the island’s junior minister for shipping said.

SMUAE is a member of the Steamship Mutual international group in London, a major player in the protection and indemnity insurance sector (P&I), and operates with support from Steamship Insurance Management Services in Piraeus.

Steamship’s Limassol office, that has been operational since February, was announced in November 2019, as a Brexit fallback decision for the UK marine insurer following the uncertainty surrounding Britain’s departure from the EU.

Speaking at the official inauguration of the SMUAE office on Limassol’s seafront 28th October street, Deputy Shipping Minister Vassilis Demetriades said that Steamship Mutual is considered among the leading shipping underwriters in the world, welcoming the decision to start operations in Cyprus.

“The government of Cyprus, through the Deputy Shipping Ministry, continues to approach shipping companies, and in particular those providing maritime services, and regards those that have established operations in Cyprus as partners and ambassadors as part of efforts to further develop Cyprus as a world class shipping hub,” Demetriades said.

He added, “the campaign to attract maritime companies to Cyprus will continue and intensify as soon as the pandemic measures allow, with targeted promotion of the advantages that our country offers.

The minister said these include “excellent infrastructure, an attractive business environment and a wealth of expertise that our maritime sector provides.”