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The sector is trying to secure better underwriting terms amid a financially challenging period for shipowners.
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The appointment follows the expected departure of Phil Furlong to expansive insurer ERS.
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The Norwegian mutual says pricing achieved a balance between owners’ needs and underwriting profitability.
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Bailey will write marine war and kidnap and ransom business out of London.
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Since December, double the average number of containers have been lost overboard compared to an average whole year.
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The newcomer had joined Lancashire as an underwriter only in October.
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The London market is believed to have a maximum $70mn exposure written through Japanese treaties. -
Sea Traders’ Ioanna Procopiou becomes vice-chair.
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The appointment follows the departure of a team of marine brokers to BMS to work on a US wholesale buildout.
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The Newman Martin and Buchan co-founder will lead the team alongside Guy Pierpoint.
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The recruit, who was previously Catlin’s cargo class underwriter, will join the company on a temporary basis as it builds in London.
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His predecessor left the business following his conviction for assaulting his then-partner.
