W.I.S.E. Underwriting Agency Ltd, a marine cargo insurance specialist based in the City of London and operating since 1997, has collapsed into administration. The firm, which described itself as one of the oldest managing general agents in the capital, has ceased all trading and regulated activity, according to a statement on its website.
Daniel Conway and Anthony Simmons of FRP Advisory Trading, along with David Farmer of Birchwood Bond, have been appointed joint administrators to manage the company's affairs. The administrators have urged customers to remain alert to potential fraud and to exercise caution if contacted by anyone claiming to represent the firm, the administrators, or the Financial Conduct Authority.
Company Background and Key Personnel
W.I.S.E. specialised in marine cargo insurance, offering coverage for risks, loss or damage, and specie insurance designed to protect high-value assets. The company's director, David Earl, built a long-standing career at the Lloyds Claims Office and served as a senior adjuster in the mid-1990s. Senior underwriter Paul Marsden began his career at Sun Alliance and worked in Singapore before joining the firm.
Birchwood Bond and FRP Advisory have been approached for comment but have not yet responded.
Broader Impact of Iran Conflict on Marine Insurance
The collapse comes amid significant disruption to the marine insurance market following the United States and Israel's war with Iran. In June 2026, Tehran announced that ships would need to seek permission to use the Strait of Hormuz and raised the possibility of future charges. Iran's control over the strategic waterway has disrupted global oil and gas supplies, driving up fuel and food prices.
The Persian Gulf Strait Authority, a government agency established by Tehran during an earlier ceasefire, stated that vessels must submit requests at least 48 hours in advance to transit the strait. Admin tariffs, including for “related Iranian insurances,” would be waived during a 60-day negotiation period, leaving the door open for future fees. This move was seen as an effort by Iran to impose Iranian-approved insurance as a condition of passage through the waterway, which lies within Iran and Oman's territorial waters but is internationally recognised as a route for unobstructed passage.
Sheila Cameron, CEO of the Lloyd’s Market Association, and Neil Roberts, its Head of Marine and Aviation, previously stated that shipowners and insurers would need “stability and certainty” to recover from the war's impact. In a joint statement, they said: “The road to recovery in the Gulf will be a long and complicated one.”
