Shipping insurers are considering setting up the world's first private navy in modern times to combat the threat posed by Somali pirates.<br /><br />In 2010, there have been 123 attacks and 33 seizures. Maritime insurance companies have paid out $300 million in ransoms over the past two years.<br /><br />Graeme Gibbon Brooks is the Managing Director of Dryad Maritime Intelligence Service, a private security company. He joins David Foster from Hastings in England.
