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Pedro Mairos is moving up from heading marine in the UK and Ireland and will remain based in London. -
The carrier has merged its marine and energy units as it looks to improve service and achieve growth.
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The unit is led by marine veteran Ricardo Castro, who joined the firm from Marsh and has over four decades of experience in the industry.
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Inflation and reinsurance costs are among the key challenges that marine underwriters face.
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The union has also appointed Tokio Marine & Nichido Fire’s Kosuke Hashimoto as vice president.
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Offshore energy chairman Frank Streidl said margins are tight and upstream had not hardened like other insurance lines.
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Marine lines continued to report healthy loss ratios after a period of extensive remediation.
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The Ryan Specialty CEO said that loose wordings were contributing to the surging size of claims
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Staff movement is high in the cargo space as carriers look to expand in an improved rate environment.
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The OS 35 has P&I coverage in place with QBE’s British Marine, which will shoulder clean-up costs from the incident.
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The carrier retains its appetite for the class of business - which has undergone a substantial re-rating since 2018.
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Meaningful capacity is returning to the marine market, increasingly via delegated authority underwriting.
