Global Aquaculture Insurance Consortium
GAIC – the Global Aquaculture Insurance Consortium – was set up in 2009 to insure fish and shellfish farms for stock mortality exposures that are difficult to place in the local market in most countries. The facility is administered by Lloyd’s insurance and reinsurance broker Alwen Hough Johnson Limited with capacity provided by certain Syndicates at Lloyd’s of London.
The facility can provide stock mortality insurance for aquaculturists ranging from those running small single site operations to large global producers raising a variety of different species in numerous locations. Both onshore and offshore operations may be considered for insurance and facultative reinsurance can also be considered. GAIC is unable to deal direct with our insureds and so we encourage interested potential clients to approach us through their insurance broker or consultant.
The GAIC underwriting team collectively has decades of aquaculture insurance experience and has dealt with clients raising twenty five different species in over twenty countries around the world.
The Lloyd’s market that provides the security used by GAIC derives financial strength from its unique capital structure, often referred to as the ‘Chain of Security’. It provides excellent financial security to policyholders and capital efficiency for members. Lloyd’s is licensed to underwrite business in over 200 countries and territories. The Lloyd’s client base encompasses 88% of FTSE 100 companies and 97% of Dow Jones companies.
Lloyd’s Part VII Transfer
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.
Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at https://www.lloyds.com/brexit-transfer.
With effect from 1st October 2020, Lloyd’s Europe has prevented UK Coverholders from accepting business emanating from the European Union or European Economic Area, due to the impending fulfilment at 1st January 2021 of the United Kingdom’s vote to withdraw from the European Union. It remains to be seen whether a trade deal will be negotiated to enable UK entities to provide Financial Services to clients within the EU and EEA before that date but GAIC is seeking to put measures in place that would then enable us to continue to transact business within the EU and EEA on behalf of our capacity-providers at Lloyd’s in the event that such a trade deal does not materialise. This might be achieved by the use of an EU/EEA “onshore” GAIC underwriting partner without the intervention of our existing London-based team. As soon as these arrangements are finalised we will provide full details but, for now, the London team is, unfortunately, unable to renew existing EU/EEA business or take on new business from these territories.
Alwen Hough Johnson Limited was established in 1973 by Roger Alwen, John Hough and David Johnson as a leading Lloyd’s Broking House based in the heart of the City of London. AHJ remains 100% privately owned with the majority of shares held by management and employees.
Our balance sheet reserves are substantially greater than FCA minimum solvency requirements and the normal solvency ratios of our peer group. AHJ have a long term commitment to the business, with focus on resources to deliver client service combined with investing in the future.
The company is a Lloyd’s Insurance Broker, authorised and regulated by the Financial Conduct Authority, registration number 308774. Registered in England No 1195076. Registered office: 2 Minster Court, Mincing Lane, London, EC3R 7BB, UK.