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The Hartford will assume a quota share of Coalition’s UK cyber program. -
The Goldman Sachs-backed broker will buy out BP Marsh’s stake.
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Achieving profitability is increasingly challenging in the volatile but historically lucrative market.
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The launch will add to a marine portfolio which already includes cargo and reinsurance accounts.
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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.
