Marine underwriters are assessing the higher risk faced by Israeli-linked shipping in the Red Sea following the dramatic seizure of a car carrier by Houthi rebels this week.

The 5,100-ceu Galaxy Leader (built 2002) is owned by Isle of Man-registered Ray Car Carriers, which is controlled by Israel’s Abraham “Rami” Ungar.

Market sources said the ship’s hull cover is led by Markel and placed through broker Gallagher.