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The marine underwriter said the business had grown through taking “very big positions” on programmes. -
How do you build a $400mn MGA? Navium Marine CEO Clive Washbourn told Behind the Headlines that his business is a "fighter jet" out hunting for deals. Navium has built scale by taking on risk "in a fairly aggressive way" with large line sizes available to deploy. Whilst the marine market is now coming under pressure, Washbourn still thinks there is "robustness" in rating, although making money in the volatile Red Sea war market is challenging.
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The loss of the major account has been a substantial hit to budgets for some carriers.
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The syndicate will continue to diversify its portfolio but growth will be “more conservative” in 2025.
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Syndicate 318 has been expanding into specialty classes over the past few years.
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The IG’s $3.1bn reinsurance tower is facing double-digit pricing increases in the wake of the Baltimore bridge disaster.
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Underwriters are broadly pricing on the basis of a $1.5bn Baltimore claim, but there is uncertainty.
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The underwriting executive will support Axis through the 1 January reinsurance renewals.
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The new product adds to its existing portfolio of upstream energy and marine and energy liability business.
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The broker will join the marine liability team within the new Ken Syndicate 3832.
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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure.
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The hull market is currently experiencing high levels of competition.
