ITIC launches new subsidiary ‘ITIC Europe’ in Cyprus

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International Transport Intermediaries Club (ITIC), the world’s leading professional indemnity (PI) insurer for transport professionals, announces today the launch of its new subsidiary, International Transport Intermediaries Insurance Company (Europe) Limited (ITIC Europe) with Charlotte Kirk (pictured) named as its Chief Executive Officer.

This strategic move reinforces ITIC’s service offerings in the European market, which makes up approximately 30% of its membership, and creates a base for growth.

Jeff Woyda, the Chairman of ITIC, expressed his delight in announcing the launch of ITIC Europe and the opening of its new office in Limassol, Cyprus.

“The establishment of ITIC Europe as the wholly owned subsidiary of ITIC through which our EEA business will be underwritten in future, is a big step forward in ITIC’s strategy. I am delighted that Charlotte Kirk has agreed to become CEO of this business and have no doubt that she will ably lead the board in building on our vital and longstanding European footprint.

“ITIC will host its September 2024 board meeting in Cyprus, where the whole Board is looking forward to meeting and spending time with local members and brokers in person,” said Woyda.

Charlotte Kirk, CEO of ITIC Europe, added: “The establishment of ITIC Europe in Cyprus enables us to continue to further develop the high-quality service our European members demand.”

With more than three decades of experience in the marine insurance market at ITIC, Kirk will oversee the new business whilst also retaining her role as ITIC’s Commercial Director in London. Her tenure at ITIC has seen its membership grow to over 3,500 members across 100 countries.

ITIC Europe already employs an underwriter, claims executive and CFO. A key focus for ITIC Europe will be to broaden its reach in the European and Middle Eastern markets. Cyprus’s strategic location offers a gateway to these regions, aligning with ITIC’s goal to identify and cater to uninsured individuals fitting within its risk profile.

Kirk highlighted loss prevention as a cornerstone of ITIC Europe’s strategy, underlining the importance of reputation within the PI insurance market.

“We are dedicated to providing our members with proactive loss prevention advice that is vital to safeguarding their business against possible financial loss. This is done through our various channels, including seminars, webinars, and informative circulars,” she added.

ITIC Europe’s first non-executive Chair will be Claes Devantier of MB Shipbrokers, who has been a director of ITIC since 2019.

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