Marine

A Lloyd’s excess of loss policy will make up the remainder of the MGA’s $500mn line size.

The reinsurer will become the first scheme of its kind to offer non-damage business interruption cover.

Andy Corton will join the carrier’s marine operation.

The London-listed carrier hires Tim Turner to replace Clive Washbourn as marine chief .

The executive’s move follows the exit of a Pembroke divisional director of cargo in December.

Richard Turner says losses in the sector are concerning.

The history of Lloyd’s is deeply interwoven with that of London’s maritime trade. Founded in order to insure ships and their precious contents, the market owes its syndicated nature and worldwide reputation to marine insurance and broking.

The carrier received regulatory approval for the new Indian operation in 2018.

The hull and P&I markets have already absorbed at least $120mn in claims so far this year.

Rate rises were recorded on loss-hit accounts and across marine treaty, construction and engineering, according to a client report.

ARML writes a book of UK regional P&C business and was bought by the carrier in 2010.

The increase adds to the $1bn of Lloyd’s capacity offered by Netherlands-based MS Amlin Marine.