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Insurance Insider first reported the carrier’s plans to enter the marine market in August.
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The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal. -
Johnny Shannon will work alongside MS Amlin colleague Scott Heeley to build a book of cargo business.
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The appointment follows a period of substantial expansion in marine by the Richard Brindle-led carrier.
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The marine specialty unit will include marine PI and transport logistics and freight forwarder business.
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The broker said that market speculation pointed to rate increases of up to 30% on the International Group reinsurance contract.
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The coverholder has also expanded its product offering and now underwrites marina business.
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Sources said that the incident near Huntington Beach had the potential to exhaust the $1bn oil pollution reinsurance tower.
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Since launching last year, the coverholder has amassed a premium income of $30mn.
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The Richard Brindle-led carrier has undergone a major expansion in specialty lines.
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In his new role, Michael Cusition will report to David Sankey, head of Marine at Atrium.
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The takeover will strengthen Lockton’s presence in Norway.
