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TMK already writes a book of specialist regional cargo business out of Singapore, and backs cargo MGA Loadsure. -
The appointment comes soon after the broker hired Louise Rothschild from Price Forbes.
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The income figure makes the MGA amongst the largest marine underwriters in London in its first full year of underwriting.
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The Iumi president said there were hundreds of millions of dollars’ worth of vessels still stranded in Ukraine.
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The broker said the line of business has experienced 22 straight quarters of rate increases to reach “some degree of profitability”.
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Apollo said the appointment will further diversify its marine, energy and transportation division.
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It emerged in August that Philip Graham was leaving Chaucer after more than two decades at the company.
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Liability business has been impacted by rising claims costs, driven by social inflation trends.
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The appointment comes after senior cargo underwriter Caroline Monnickendam left Brit for Munich Re Syndicate.
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Former SSL chairman Andrew Sturdy’s MGA has hired staff from AGCS, Qatar Re and Trust Re.
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IG increased the percentage of its first layer placed in the open market, after not renewing one of two 10% multi-year placements.
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Cargo movement has been elevated following a sustained period of rate hardening.
