To help clients improve overall supply chain

AGCS Marine Insurance Company (AGCS Marine), a US marine business operating under the Allianz Global Corporate & Specialty (AGCS) brand has announced its membership in an industry alliance to combat cargo theft, a problem that costs US businesses up to $15 billion annually.

The initiative, CargoNet, is being built to allow manufacturers, retailers, transportation companies and their insurers to be able quickly to share cargo theft information with law enforcement agencies. To be launched in early 2010, CargoNet will be centered on a national database and information sharing system. It will also provide broader education and theft prevention services.

Hugh Burgess, Global Marine Head for the Americas of AGCS, said: “Our charter membership in CargoNet is clear evidence of Allianz’s leadership in marine insurance and supports our resolve to embrace new and cost effective ways to help our clients minimize the many risks that we insure. This strategic alliance will also allow us to help our clients improve overall supply chain integrity.”

The CargoNet database and information sharing systems are being designed by a group of law enforcement, insurance industry, and supply chain experts. They are being built and will be managed by ISO. The investigations support and law enforcement liaison will be coordinated by the National Insurance Crime Bureau (NICB).