Athens, 29 July 2020

CAMBIASO RISSO Group and FENDER S.A. have entered into a strategic partnership: by joining forces they are setting off on a dynamic course in marine insurance industry.

CAMBIASO RISSO Group, a leading insurance broking firm with a strong worldwide presence in the shipping sector, which has recently become part of the French insurance Broking Group of SIACI SAINT HONORE, and FENDER S.A., a boutique marine insurance broker, considered to be the most dynamically growing company of its sector in Greece, have announced the commencement of their strategic alliance, which is part of a broader plan for the further development of the Group.

Under this new venture, FENDER S.A. joins a Group with presence in more than 40 countries, currently ranked as the 3rd largest in the global market and the 2nd largest in the European marine insurance market.

The joining of the two companies marks a new and very dynamic era for the local Greek and international marine insurance field, through the combination of the vast know-how and excellent performance of CAMBIASO RISSO in Hull & Machinery risks, and the expertise of FENDER S.A. in the Protection & Indemnity Insurance. In the new group Fender is bound to be a center of excellence for P&I and will assist the international growth in this very important sector of marine insurance.

Mr. Nikolaos Lemonakis and Mr. Stefanos Vardalos, founding partners of Fender S.A. stated that they are honoured to be joining such a prestigious Group. They expect this strategic partnership to boost the expansion of the Company’s book of business. Both Nikolaos and Stefanos have underlined that although Fender S.A. is now part of a large and important reality, the Company will follow the same recipe which is reliant on teamwork, transparency and efficient “tailor-made” solutions for their clientele. Their moto was, is and will remain “STRENGTH THROUGH UNITY”.

It is now more than 40 years from the time when Mr. Marco Risso obtained the appointment by the first Greek Ship-owners which started an unequalled experience of success and mutual trust. Today Cambiaso Risso Chairman is willing to propel the growth in Hull and Machinery and P&I through the new generation of brokers, combining the young resources of Fender and Cambiaso Risso in order to achieve ambitious goals.

This new merge heads the business lines of Hull & Machinery and P&I of the Siaci-Cambiaso Risso Group to 10.000 vessels insured out of 20 different countries. The group staff reaches 300 for a total premium of USD 310 million and net revenue of USD 44 million as an aggregate of broking, consultancy and shipping agency.



Cambiaso Risso Group

Founded in Genoa in 1946, Cambiaso Risso operates through 18 offices with 240 staff, of which 170 in insurance brokerage, of 18 different nationalities. Company concentrates in Hull insurance, Cargo and P&I (no non-marine), Shipping Agency and Sale & Purchase serving their Clients, most of them from Greece, Italy, Scandinavia, Germany, Far East and from other areas where shipping has a significant presence. Marine Hull is the company main line of business. This last, even more than before, requires direct access to the most influential international marine insurance markets, particularly (besides London), the Nordic Countries and the Far East. In 2019 total written premia has been € 260 million, originating net brokerage for € 28 million. Turnover of Cambiaso Risso Shipping Agency has been € 7 million out of 2.250 calls worldwide.



The SIACI SAINT HONORE Group is a leading company in insurance broking and consulting, being a key player in the protection of corporate risks, international mobility and employee benefits. The firm currently boasts around 3,000 employees worldwide with a strong and growing presence in Europe, Africa and Asia. Through the addition of its long-standing and complementary specialist fields, SIACI SAINT HONORE enjoys a fully-rounded vision of its client’s risks. SIACI SAINT HONORE is the third largest marine broker worldwide (with 300 people working in its marine department or affiliates) with a specific focus on the trading and commodities business, with the involvement of a dedicated team of experts in Paris, Geneva, Antwerp, Dubai and Singapore. SIACI SAINT HONORE has also a dedicated partner for Africa, OLEA INSURANCE SOLUTIONS, with offices in 20 different countries on the continent.


FENDER S.A. Specialty Insurance Brokerage was established in 2012 and operates from Piraeus, the heart of the World’s Leading Maritime Nation, providing intermediary services and consultancy to the Shipping Community in all Marine Insurance related aspects. The company employs a team of 20 people, who are all dedicated to providing its Clients with a 24/7 high standard service. By combining the team’s in-depth knowledge and experience, they ensure cost-effective products, custom made solutions to suit the individual needs and requirements of all Shipping entities supported by excellent claims handling. As at 31st of December 2019 Fender S.A. insures around 120 Shipping Companies and over 1.000 vessels of all types.