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The group has made its third revision to the catastrophic shipping loss, after initially pegging the loss at just $115mn. -
The hull market has seen multiple years of positive rating momentum following a period of prolonged soft conditions.
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The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.
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The underwriter will be responsible for managing the existing portfolio and pursuing strategic growth.
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The carrier previously identified cargo as a target class in the business’s specialty build-out.
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The carrier’s global head of hull Mike MacColl resigned from the business earlier this year to join Atrium.
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Sources estimated the settlement would have had to exceed $200mn to hit the lower layers of the tower.
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The consortium, understood to have a limit of $30mn, is targeting mid-market business.
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The carrier has been rebuilding its team after Alasdair Butler and Lee Aspinall left to launch an MGA.
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The marine market is expecting a sizeable claim from the ship, which sunk last month off Sri Lanka.
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The executive joins after 16 years at Mar Risk Services.
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A total of 13 companies, including five brokers and eight insurers, will now be able to trade digitally across the (re)insurance lifecycle without geographical limits.
