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The Covid-19 slowdown in shipping has helped several sub-classes to reduce loss ratios. -
Incoming capacity to the marine market over the past year has led to an easing in rating momentum.
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The broker has also expanded its Dubai office with three hires.
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The QIC Global-backed business’s cargo team is leaving to join Clive Washbourn’s MGA Navium Marine.
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Arsonists attacked a chemical warehouse owned by Indian manufacturer UPL last month, amid social unrest in the country.
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The group has made its third revision to the catastrophic shipping loss, after initially pegging the loss at just $115mn.
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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.
