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There has been an influx of capacity in the cargo market after several years of improved pricing conditions. -
The rebrand follows a last-minute acquisition of the firm by Aquiline-owned Lloyd’s syndicate ERS, in December of last year.
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The business recently expanded into the cargo market with an underwriting cell headed by Nick Derrick.
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The carrier has reshaped its hull leadership team since the departure of global head of hull Mike MacColl.
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Sources raised concerns about a consistent trend in claims inflation and the long-term prospects of profitability.
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Rates are beginning to taper in cargo as new capacity enters and staff displacement continues to be high.
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Negotiations have been ongoing since the ship blocked the Suez Canal in March.
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The appointment follows the departure of Richard Spencer to marine war MGA Vessel Protect.
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The Suez Canal Authority has received a new compensation offer from the ship’s owners and insurers.
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The marine market fears a multi-hundred-million-dollar loss to result from the sinking of the ship.
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The move follows a reduction in MS Amlin’s Lloyd’s hull appetite, and the departure of underwriter Andrew Davies.
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Staff movement has been high in the sector, as new capacity returns to the market after years of correction.
