The arrangement will see both companies invest up to $400m each, with $140m expected from each in the first five years.
The insurer’s Personal Lines business grew by 24%, attributed to the integration of Direct Line and expanded partnerships.
The insurance aims to support 14,200 small-scale fishers operating in 24 coastal municipalities.
The STL insurance is designed to protect against third-party claims arising from environmental risks linked to storage tanks.
