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The former Argo executive will join the MGA on 1 January, pending regulatory approval. -
The broker’s global marine team services global premiums of $3.9bn across marine classes.
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Current marine head Laurence Humberstone is set to retire after 19 years at the carrier.
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The line of business entry will be via its AdA SPA 2024, which will begin underwriting in 2024.
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The carrier has made numerous hires across its marine team as part of an international insurance buildout.
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Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.
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Competition for talent has led to high levels of staff displacement in the marine hull market.
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The appointment comes following the resignation of Jo Reynolds, who is joining Axis.
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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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Stuart Williams, currently war practice leader, will become head of new business.
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Carr has spent over 20 years in the market, holding several leadership positions at Tokio Marine HCC, Axis and others.
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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
