Marine
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Gray specializes in contract bonds for mid-sized and emerging contractors. -
The Insurance Insider US news team runs you through this week’s key agency M&A.
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JH Blades, Southern Marine and Energy Technical Underwriters will merge to form the new brand.
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The executive joins from MSIG USA.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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He succeeds Felix Cassau, who is joining Hannover Re.
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The executive was previously Navigators’ head of excess casualty.
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Appointments include leadership in transportation, energy, marine and others.
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The move will impact around $50mn of gross written premiums in total.
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The Canadian insurer saw property rates dip across its global divisions, but it had strong rate on liability.
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The executive has been with the company for roughly one year.
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Staff targeted include producers that channel business through Howden’s London wholesale arm.
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The executive has spent 13 years in the broker’s marine division.
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The unit will include both ocean and inland marine coverage.
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The carrier has scaled up its international insurance offering in recent years.
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The purchase aims to bolster Markel’s marine product line in the Asia-Pacific region and EU.
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Politically related exposures are growing for the marine market.
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The underwriter has held positions at The Hanover, Liberty Mutual and Zurich.
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The appointment is part of the company’s expansion in the marine market.
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Meco's 2024 gross written premiums totaled $63mn.
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Technical pricing is insufficient in some areas and inflation is biting into margins.
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The program is being launched through subsidiary Southern Marine.
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The company is on a five-year growth plan, aiming to hit $100mn in premiums by 2029.
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The carrier laid out its business mix for the newly launched reinsurance syndicate.
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AIG veteran Kevin Bidney will focus on North American marine.
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Construction defects, GL and risk-managed professional liability lines saw the greatest headwinds.
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The underwriter will be based in New York and drive underwriting strategy.
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Competition for specialty reinsurance talent remains high.
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Robin Hamilton has been appointed head of energy and marine liability.
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Former COO Jack Falvey’s appointment as CEO was reported last August.
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The MGA secured backing from buyout heavyweight KKR in March 2021.
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Guy Pierpoint will report to head of marine Phil Wheeler.
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The storm caused major damage to one of the drinks company’s warehouses in Tennessee.
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The carrier has appointed AIG’s Sharon Primerano as vice president and US inland marine manager.
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The storm is projected to make landfall in the next 24 hours in the highly populated Tampa Bay region.
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The new unit is part of HDI’s expansion of its specialty product offerings.
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There has been an exodus of hull premium from the London market to Nordic carriers since 2014.
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The facility launch comes after Marsh launched its Slipstream marine facility.
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The carrier has made several recent high-level promotions.
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In tandem, Mike Falvey will transition to executive chairman, effective January 1.
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This expansion will protect against risks faced by transportation and logistics businesses.
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The carrier is expanding its MGA partnerships and has invested in its marine team.
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The broker said that rising reinsurance costs after the Baltimore Bridge collapse could put a brake on softening in 2025.
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The two join the company from Navigators, a subsidiary of The Hartford.
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Sentry launched its specialty lines division in 2022.
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The executive announced last month that he was leaving Parsyl, where he had worked since 2021.
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Mizell will be based in IMA’s Houston office, its fastest-growing regional division.
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The carrier said it has “moderate exposure” to the bridge collapse.
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There is a high likelihood the property claim will be subrogated.
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Ulrich Kadow will become global head of product management and underwriting transformation.
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The new offering marks the expansion of BHSI’s US marine facilities.
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The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
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A claim on that scale would test the market in ways it has never seen.
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The complexity of the incident and US location point to one of the largest ever marine losses.
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The value of the bridge is estimated at $1.2bn.
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A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
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The business will be led by Alex Kirkby, new head of marine and energy.
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Rokstone Underwriting has announced a $25mn North American marine facility backed by Allianz Commercial.
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Kowell succeeds Michael Pellegrini, who was appointed head of specialty for both markets last month as Michelle Sartain took over as US and Canada president.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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Berisha will serve as head of US marine cargo, Vandermyde as underwriting manager, inland marine.
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The appointment is the latest senior hire from AIG for the MGA, which recently hired Jordan Lanford as aviation head.
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Stoik has more than 35 years of senior management, underwriting and broker experience.
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He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.
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The consortium is supported by 11 other Lloyd’s businesses.
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Effective August 24, Kristen Hunter will start as head of inland marine – North America at Axis, bringing a team of three with her from Berkshire Hathaway.
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Romeo will be responsible for building out the US cargo program and charting a course for growth ahead of its launch later this year.
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Before joining AIG, the executive had served as chief underwriting officer of marine at The Hartford.
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In addition to his new role, the executive will retain his current position as head of marine for the Australasia region.
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The underwriter has worked at Swiss Re, Ironshore and Alize during his insurance career.
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The broker said increased reinsurance costs had not been passed onto customers.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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This new coverage will be underwritten by Falvey’s recently appointed inland marine underwriting team announced in late February.
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The company elevated Ken Mueller to head of inland marine and Brett Musser to head of marine liabilities for the Americas.
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2022 statutory data is now available, and results show winners and losers
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Cargo MGA Falvey Insurance Group has expanded its product offering with inland marine coverage and a newly hired team of six.
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As head of the new in-house operation, Goodwin will oversee inland, ocean marine and related properties claims.
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Specialty reinsurers are insisting on exclusionary language in order to clear their books of further exposure to the conflict.
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Underwriting agency Marcato Marine is based in Charlotte, North Carolina and will specialise in project cargo.
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Inflation, rising reinsurance costs and rebounding shipping activity all pose challenges for the market.
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Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
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Mosby will be responsible for managing Ascot’s U.S. Inland Marine portfolio and advancing the market strategy for this business.
