Private Fleet Of Armed Boats To Fight Somali Piracy

LONDON (Dow Jones)–Insurers in London’s financial district are finalizing plans to create a private fleet of armed patrol boats in the Gulf of Aden, in an effort to fight Somali piracy, U.K. newspaper The Times reports Friday.

The plan was conceived by leading figures in the Lloyd’s of London market, including Jardine Lloyd Thomson Group PLC (JLT), who have been working with ship owners, freight operators and governments for months.

The intended goal of the Convoy Escort Program is to provide protection for tankers in the seas off war-torn Somalia, while also reducing the soaring costs of insuring vessels, cargo and crew against attacks, the paper reports.

Full story: www.thetimes.co.uk

-London bureau, Dow Jones Newswires;