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The executive said the low claims of 2022 and the large losses of 2021 were anomalous. -
24 February marks the point when blocking and trapping claims can be lodged against war risk insurers, against ships stuck waters around Ukraine.
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Gard CEO Rolf Thore Roppestad said the renewals went “right to the wire” after the late announcement of IG reinsurance rates.
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S&P Global has confirmed an enhanced A rating with a stable outlook for the business.
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TMK already writes a book of specialist regional cargo business out of Singapore, and backs cargo MGA Loadsure.
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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.
