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The launch will add to a marine portfolio which already includes cargo and reinsurance accounts. -
Ball will succeed Jeff Poliseno, who is set to retire.
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Another potential individual disability insurance loss of $40mn relates to a physician.
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The marine underwriter said the business had grown through taking “very big positions” on programmes.
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How do you build a $400mn MGA? Navium Marine CEO Clive Washbourn told Behind the Headlines that his business is a "fighter jet" out hunting for deals. Navium has built scale by taking on risk "in a fairly aggressive way" with large line sizes available to deploy. Whilst the marine market is now coming under pressure, Washbourn still thinks there is "robustness" in rating, although making money in the volatile Red Sea war market is challenging.
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The underwriter resigned last year and had been due to launch a renewables book at Globe Underwriting.
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Overall, insurance rates fell by 1%, led by competition in property.
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Risk managers are increasingly concerned about insurability.
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The LMA report focused on first-party property damage from a coverage perspective and on eight key sectors.
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Chris Cane and Jaime Hunwicks join from Talbot, Jonathan Bint from Chaucer and Molly Ashcroft from Axis.
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The loss of the major account has been a substantial hit to budgets for some carriers.
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Robert Rechtern has spent the last two years at Lockton as head of A&H, sport & contingency.
