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By SuperyachtNews 10 Aug 2018
Lloyd's superyacht insurance shakeup underway
Reports suggest between five and seven lloyd's syndicates have already dropped out of the yacht insurance market. further consolidation expected….
Earlier this year, Lloyd’s of London, the specialist insurance market, issued a warning to a number of its marine syndicates, including those that underwrite superyacht businesses. The warning gave loss-making marine syndicates three months to create viable business plans or be dropped – the deadline for the presentation of said remediation plans being Friday 3 August.
On 2 August, TradeWinds News reported that Brit Global Speciality, Lloyd’s syndicate 2987, ended its yacht insurance business lines. Since Brit’s exit, various reports have suggested that a further five to seven syndicates have pulled out of the yachting market. The shakeup of the Lloyd’s market follows a sustained period of falling premiums and unsustainable loss ratios. Yachts are widely considered to be the greatest loss maker within the Lloyd’s marine portfolio.
“I’ve been talking for a long time now about the sustainability of the insurance and what I mean by sustainability is this: the insurance market relies on simple principles, you create a pool of funds so that, when you claim, money comes out of that pool,” starts Simon Ballard, managing director of CRS Yachts. “Unfortunately, over the last five years in particular, the pool has not been big enough. Underwriters haven’t been charging enough money to cover the losses that have occurred. This is for a number of reasons, but over capacity and competition are chief among them.”
According to a number of sources, the Lloyd’s superyacht insurance market has been running on an unsustainable loss ratio
According to a number of sources, the Lloyd’s superyacht insurance market has been running on an unsustainable loss ratio. For a number of years, the Lloyd’s market operated at about 120 per cent loss ratio. In 2015 the Lloyd’s market collected around £150million of premium and operated at a loss ratio of 140 per cent, meaning that it paid out around £210million of claims. By all accounts, 2015 was a relatively uneventful year compared with those that followed.
Considering the losses that have occurred since, including two high-profile 100m-plus claims and the severe damage caused by the hurricanes that decimated the Caribbean and Florida in 2017, one can appreciate that the loss ratios since 2015 have continued to significantly worsen. TradeWinds News reports that a senior Lloyd’s broker has suggested that Lloyd’s is prepared to reject business plans and drop loss-making enterprises.
“In the last 10-15 years, there has been an oversupply of capacity that has softened the rates and create what, on the surface, appears to be healthy competition. But, ultimately it has driven rates to an all-time low. It got to the point where the insurance community unanimously agreed that there needed to be a market correction (rate increase), but no one seemingly acted on it,” comments Mike Taylor-West, director of global market at La Playa.
As a result of the severely unsustainable market softening, a number of syndicates, it would seem, have decided to withdraw from the market even before Lloyd’s has begun to decline business plans. It is expected that in the days and weeks to come that an even greater number of syndicates will drop out of the market.
As a result of the severely unsustainable market softening, a number of syndicates, it would seem, have decided to withdraw from the market
According to the TradeWinds report, Brit’s marine insurance business accounts for 10 per cent of its total business. Of that business, the yacht business lines were an even smaller proportion, with some estimates suggesting it accounted for significantly less that one per cent of the total business. As a result, businesses such as Brit are viewing the superyacht market, a loss making and relatively insignificant contributor to the larger group, as being surplus to requirements and have, therefore, cut their losses by removing themselves from the market place.
“People have been talking about rate rises but I don’t think that they have come fast enough because there is still over capacity in the market place,” continues Ballard. “I personally don’t think that just increasing the premium pot is going to be enough. Businesses are really going to have to look at how policies are underwritten and consider the whole mechanism in order for the system to become fairer. This process will happen, but it will happen slowly.
“If you consider that Lloyd’s is a superyacht market leader, we will see other businesses following suit because this is not just a Lloyd’s issue, we see overseas securities offering cheap and more unsustainable rates,” Ballard says. “This is crunch time, it is in everybody’s interest to create a sustainable market because if it isn’t, the clients suffer as there may not be insurers willing to underwrite this class.
It has been suggested that capacity in the sub-£5million category is likely to be affected the quickest, with the sub-£10million category also likely to be strong effected. “Sub-£10million is going to be more difficult, but all lines are going to be affected,” continues Ballard. “We are probably seeing the biggest change we are ever going to see in this business.”
“The strange side of this is that consumers would generally expect brokers to champion cheaper rates,” continues Taylor-West. “And yes, in a sustainable marketplace this would be the case, but ultimately that is not where we are and some of the suicidal rates that are currently available put the clients at risk. The current climate requires responsible broking. However, like the market itself, there is also an over-capacity of brokers and market players that has contributed to the pricing race to the bottom. The problem with a cheap marketplace is that it puts pressure on the claim and it leads the providers of the capacity to adopt positions that seek to find ways to narrow or avoid claims rather than paying them.”
In the coming days and weeks, it is expected that the market will experience further consolidation. It has also been suggested that, in order to foster a more sustainable marketplace, premiums are likely to increase.
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Welcome to Navium Marine. We are a marine focused specialty MGA.
We strive to create a digitally enhanced business blending underwriting, claims leadership and competence with modern day solutions.
Our team are all long-standing insurance market professionals with a strong desire to leave a legacy of technical performance and discipline and not just ride underwriting cycles. We have a track record of delivering profitable results and we are committed to delivering value to our capacity and to our clients.
Navium Marine Limited was established in May 2021 with a focus on quality marine insurance. Our team has a reputation for approachability and flexibility in developing new structures for both existing and emerging risks.
Clive Washbourn CEO, CUO & Director
Clive is a market-leading figure with executive experience spanning 36 years in the Marine and Specialty markets. He has a reputation for building balanced portfolios and delivering upper-quartile results in the Lloyd’s Market, and has a track record of producing significant underwriting profits for the businesses he has worked for across market cycles.
Prior to starting Navium , Clive was Head of Marine at Beazley, where he fostered deep relationships with brokerages and global marine insurance buyers, and built and developed high performing teams for succession.
Oliver Clark Deputy CUO & Senior Underwriter
Ollie has previously worked as a Marine Underwriter at Atrium, AXA XL and MS Amlin, specialising in Marine and Energy Liabilities and Ports and Terminals. Ollie graduated from the University of Sheffield in 2010 and worked at Rothschild before joining the insurance industry 11 years ago. He recently completed an MBA at Cranfield University’s School of Management.
Henry Maughan Head of Cargo & Specie
Henry has over 16 years’ experience in the London Market. His most recent role was leading the Cargo team at Antares where they delivered and exceeded their budgeted income targets and exceeded their loss ratio targets. Notably, Henry drove the team through the Lloyd’s decile 10 process, and was one of the few cargo portfolios to grow the income in 2018-2019. Henry was a member of the Joint Cargo Committee for 2020 and 2021.
Alice Edwards Chief of Staff
Alice has over 5 years’ experience in the London Market and joined Navium in June 2022. Previously she had been at Hiscox where she worked primarily with the Marine and Energy Leadership Team. After graduating in Law from University of Exeter she worked within the tech industry before joining the Insurance Market.
Alex Hill Hull & War Assistant Underwriter
Alex joined Navium in August 2022. Prior to which he worked at Willis Towers Watson for 3 years, during which time he worked in various area, including Hull and Machinery on both placement and claims, whilst also assisting the Bloodstock and Livestock claims team. Alex has completed his Diploma in the CII, holds a Graduate Diploma in Law from the University of Law in 2019 and achieved a BA in History from University of Exeter in 2017.
Amy Slade Underwriting Assistant
Amy Joined Navium in October 2022. She has many years’ experience within the Lloyds Insurance market supporting underwriters across a broad range of classes of business. Amy’s insurance career began at Xchanging before working at Brit Insurance and the last 11 years at Antares Syndicate.
Beth Wells Underwriting Assistant
Beth joined Navium in May 2023 having graduated with a BSs/degree in Physical Geography from the University of Reading. She went on to complete a Masters in Environmental Management from the University of London, Birkbeck in September 2023.
Cameron Hagley Claims Assistant
Cameron joined Navium in January 2023 as her first role within the London Market. She is developing her understanding of Marine Claims and is specialising within H&M and Marine Liability.
Constantine Hadjipateras Claims Manager
Constantine joined Navium in June 2023. Prior to joining he was a Claims Manager at Seascope Insurance Brokers for 9 years, specialising in Hull & Machinery and Yacht claims. He graduated in 2010 from Bayes Business School with an MSc in Shipping, Trade and Finance.
Danielle Basstoe Cargo & Specie Underwriter
Danielle joined Navium in June 2021 after 21 months as a Cargo Underwriting Assistant at Antares. Danielle completed her ACII qualification to become an Associate Member of the Chartered Insurance Institute in January 2022.
Eliza Kearns Claims Assistant
Eliza joined Navium in September 2023. Prior to this she completed a BA in French at the University of Bristol in June 2023.
Emma Roadnight COO
Emma joined Navium in November 2021 and has 13 years’ experience in the London Market. She first started out as a CAT Risk Analyst at Canopius and since then, she has worked at Travelers, MS Amlin and Antares, underwriting on the Cargo and Specie accounts. Emma holds a MSc in Business Analysis and Finance and a BSc in Economics.
Gemma Swan Underwriting Assistant
Gemma joined Navium in February 2023. She graduated from UCL in 2022 with a degree in History and French and before joining Navium was working in the FinTech Industry.
Gillian McCombes Hull Underwriter
Gillian has over 18 years of experience as a Marine Underwriter. She joined Navium in April 2022 and prior to this worked in Lloyd’s of London at Atrium. In her previous role, she wrote a consistently profitable Marine book and developed significant market expertise in Hull, Disbursements, War and Builder’s Risks.
Lewis Ross Cargo & Specie Assistant Underwriter
Lewis joined Navium in February 2022 as his first role within the London Market. He has developed a strong understanding of Cargo and Cargo War.
Madison Wallis Senior Receptionist
Madison joined Navium in April 2023, previously working at Rathbones as a Reception Administrator. She graduated from the University of Chichester in 2017 with a BA Hons in Musical Theatre.
Michael Prendeville Cargo & Specie Underwriter
Michael joined Navium in March 2023 from WTW, where he was an Associate Director handling a global book of large and complex business. After graduating from the University of Nottingham in Economics, Michael joined the industry on the WTW graduate scheme, and became an Associate Member of the Chartered Institute of Insurance in 2018.
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Millie joined Navium in November 2021 from the Lloyd’s of London Insurance Graduate Scheme. She undertook placements in the Lloyd’s Corporation, Canopius, and Marsh Marine Teams and completed her ACII. Millie graduated from the University of Cambridge with a BA in Anglo-Saxon, Norse and Celtic History and an MA from Newcastle University in Early Medieval Archaeology.
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Oliver is currently a student at the University of Bath, where he is completing an Economics undergraduate degree. He began his placement year at Navium in July 2023 and is working across all areas of marine insurance as well as assisting with operations.
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Rosie joined Navium in July 2023 after graduating from the University of Southampton with a BSc in Environmental Science.
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Simon joined Navium in June 2023 as a Hull and War Underwriting Assistant. Prior to this he completed the apprenticeship scheme at Lloyd’s of London.
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Admiral Marine Office Manager enjoys day out at Lloyds of London Insurance
Lloyd’s Global Development Centre, together with The Managing General Agents’ Association (MGAA), a non-profit organisation representing UK managing general agents, delivered a third intensive one-day learning programme for 25 of its up-and-coming members, including the Admiral Yacht Insurance Office Manager, Jane Dodd. The training day was held at the iconic Lloyd’s Building in Lime Street London.
The programme involved senior figures from the corporation of Lloyds of London and the MGAA . The day started with an overview of Lloyd’s and the London Market, and included an explanation of Lloyd’s unique capital structure, often referred to as the Chain of Security, which provides excellent financial security to the Lloyds Yacht Insurance policyholders, as evidenced by Lloyd’s strong ratings. Other topics covered were Delegated Authorities at Lloyd’s, Conduct Risk and Emerging Risks.
A key objective of the programme was to clarify just how business is conducted at Lloyds of London and Jane was able to sit with the Admiral Yacht Insurance Underwriter, Munich Re, as they transacted business at their box situated in the Lloyd’s underwriting room.
Delegates were also treated to a tour of the Lloyds Building, including a visit to the Committee Room used by the Council of Lloyd’s, an 18th century dining room designed for the 2nd Earl of Shelburne by Robert Adam in 1763 and painstakingly relocated piece-by-piece from the previous Lloyd’s Building across the road. The room originally came from Bowood House in Wiltshire.
Delegates were lucky enough to be able to meet with Inga Beale, CEO of Lloyd’s and various other Motor Boat Insurance professionals from the market who mingled with them over lunch. Following completion of the programme the group were joined by members of the MGAA board for a networking drinks reception.
The day was both thoroughly enjoyable and hugely informative.
Previous articles about our days out at Lloyds of London Insurance are as follows:
Nicola Roberts from Admiral Yacht Insurance receives Certificate of Award from Lloyd’s Insurance
Day out at Lloyd’s in London for Cristelle from Admiral Yacht Insurance
Admiral Marine is a trading name of Admiral Marine Limited which is authorised and regulated by the Financial Conduct Authority (FRN 306002) for general insurance business. Registered in England and Wales Company No. 02666794 at Beacon Tower, Colston Street, Bristol BS1 4XE.
If you wish to register a complaint, please contact the Compliance and Training Manager on [email protected] . If you are unsatisfied with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The FOS website is www.financial-ombudsman.org.uk
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Baltimore Bridge expected to trigger ‘one of the largest marine losses in history’, says Lloyd’s of London
Insurance payouts for the Tuesday’s collapse of the Francis Scott Key Bridge in Baltimore could be among the largest ever in marine insurance, according to Lloyd’s of London Chief Executive Officer John Neal.
“This has the potential to be one of the largest marine losses in history,” Neal said in an interview with Bloomberg News on Thursday. “It’s a multi-billion dollar loss. I think it has to be but I think it is a little too early to say what you actually think it’s going to cost.”
The bridge collapsed Tuesday after being struck by a container ship, the Singapore-flagged Dali, sending vehicles into the water and threatening chaos at one of the most important ports on the US East Coast. Barclays Plc analysts estimated that insurers face claims of as much as $3 billion in a note on Wednesday.
Insurance claims for damage to the bridge alone could reach $1.2 billion, Barclays said in its note, predicting further potential liabilities of $350 million to $700 million for wrongful deaths and yet-to-be-determined amounts for business interruptions while access to the city’s port is blocked.
“Determining who pays those claims will rest on whether the accident was caused by negligence or mechanical failure,” Bloomberg Intelligence analysts Charles Graham and Kevin Ryan wrote in a note on the day of the collapse. “Given the multiple parties involved, settlement of any claims is likely to be complex.”
“There’s quite a complex weave of insurers that are involved with this,” Neal said in the interview Thursday, adding that the firm assumes every year that this type of loss will occur, and that expectations for financial considerations are “manageable”.
He added in a separate Bloomberg radio interview that although Lloyd’s of London insurers is involved in the cover, the risk is spread across multiple firms.
“There are many many different insurance involved throughout,” he said. “There is the financial muscle to deal with the issues that we’re talking about.” Neal said, adding that supply chain issues can be get complicated when calculating losses.
Lloyd’s reported underwriting profit of £5.9 billion ($7.4 billion) for 2023 on Thursday, a £3.3 billion increase on the previous year due to lower costs from large risks and natural catastrophe claims.
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Here's who could be responsible for paying for the Baltimore bridge disaster
- The Francis Scott Key Bridge in Baltimore collapsed after a container ship collided with it.
- Several entities could be on the hook to foot the bill in the aftermath of the disaster.
- The maritime insurance industry will likely be saddled with the highest costs.
The Francis Scott Key Bridge in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage.
It's still too early to estimate the total economic impact of the disaster, but between the cost of rebuilding the decades-old bridge, compensating the victims' families , and paying out damages for disruptions to the supply chain, the eventual cost of the disaster is expected to be significant.
Who will pay to rebuild the bridge?
President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge.
"It is my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect Congress to support my effort," Biden said.
The bridge was built in the 1970s for about $60 million, but the cost of rebuilding it could be 10 times its original price tag, an engineering expert told Sky News.
Baltimore is among the busiest ports in the nation , with more than a million shipping containers passing through each year. The collapse — which closed the port to all maritime and most road traffic until further notice — is already beginning to wreak havoc on the supply chain.
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The cost of building the bridge back fast enough to offset diversions as much as possible could saddle the government with a more than $600 million bill, David MacKenzie, the chair of the engineering and architecture consultancy COWIfonden, told Sky News.
Who will pay for damages to the ship and its cargo?
The container ship, the Dali , is owned by a Singapore-based firm. The ship's charterer, Maersk, confirmed to Business Insider that vessel company Synergy Group operates the ship.
However, the companies with cargo aboard the Dali could ultimately be responsible for the bulk of the ship's damages and cargo costs.
The Dali was carrying 330 containers that must now be rerouted, said Ryan Petersen , the CEO of the supply-chain-logistics company Flexport, which had two containers on the ship.
An ancient maritime law known as " general average " dictates that companies with even a single container aboard a ship have to split the damages pro rata, based on the number of containers, ensuring all the stakeholders benefiting from the voyage are splitting the risk, Petersen said.
The principle dates back hundreds of years and was originally meant to ensure sailors on board a ship weren't responsible for specific cargo if a disaster required them to start throwing containers overboard, according to Petersen.
Who will pay for everything else?
The majority of the financial fallout is likely to lay primarily with the insurance industry, according to media reports.
Industry experts told the Financial Times that insurers could pay out losses for bridge damage, port disruption, and any loss of life.
The collapse could drive "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business.
He told the outlet that the loss of revenue from tolls while the bridge is being rebuilt will be expensive, as will any liability claims from deaths or injuries.
The Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&I Club, according to S&P Global Market Intelligence.
In a statement to Business Insider, Britannia said it was "working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally."
Britannia is one of 12 mutual insurers included in the International Group of P&I Clubs, which maintains more than $3 billion of reinsurance cover, sources familiar with the matter told Insurance Business.
Britannia itself is liable for the first $10 million in damages, both FT and Insurance Business reported. Whatever remains is dealt with by the wider mutual insurance group and Lloyd's of London, a reinsurance market in the UK, the FT reported.
Watch: The container ship that destroyed the Francis Scott Key Bridge has crashed before
- Main content
London company market maintains lead over Lloyd’s in marine insurance
More marine and other transport insurance cover is being written in London outside Lloyd’s
The London company market is maintaining its lead over Lloyd’s of London in writing marine and other transport insurance business, according to the International Underwriting Association (IUA).
The IUA represents underwriters from the so-called company market that write business in London outside Lloyd’s.
Its latest figures indicate its members have benefited from the Decile 10 project, launched by Lloyd’s in 2019 to scale down on loss-making business lines such as marine insurance.
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Insurer Lloyd's of London swings to $13.5 billion profit in 2023
LONDON (Reuters) - Lloyd's of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by strong underwriting and investment performance.
The insurance market, which has more than 50 member firms, suffered an 800-million-pound loss in 2022.
Commercial insurers, who underwrite anything from oil rigs to professional footballers' legs, have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.
"We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting," Chief Executive John Neal said in a statement.
Lloyd's said earlier this month that its underwriting profit more than doubled to 5.9 billion pounds. Its investments returned 5.3 billion pounds, helped by higher interest rates, compared with a 3.1 billion loss a year ago.
($1 = 0.7922 pounds)
(Reporting by Carolyn Cohn; Editing by Bernadette Baum)
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Lloyd’s of London Swings to $13.5 Billion Profit in 2023
Lloyd’s of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by strong underwriting and investment performance.
The insurance market, which has more than 50 member firms, suffered an 800-million-pound loss in 2022.
Commercial insurers, who underwrite anything from oil rigs to professional footballers’ legs, have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.
Lloyd’s Reports Banner Year in 2023 but ‘Disciplined Underwriting’ Must Be Maintained
“We’ll continue working with our market to deliver consistent profitable performance through disciplined underwriting,” Chief Executive John Neal said in a statement.
Lloyd’s said earlier this month that its underwriting profit more than doubled to 5.9 billion pounds. Its investments returned 5.3 billion pounds, helped by higher interest rates, compared with a 3.1 billion loss a year ago.
($1 = 0.7922 pounds)
(Reporting by Carolyn Cohn; editing by Bernadette Baum)
Topics Profit Loss Excess Surplus London Lloyd's
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Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament.It operates as a partially-mutualised marketplace within which multiple financial ...
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December 18, 2023. London's marine insurance market has widened the area in the Red Sea it deems as high risk after a surge in attacks on commercial ships, according to a statement issued on ...
Lloyd's Global Development Centre, together with The Managing General Agents' Association (MGAA), a non-profit organisation representing UK managing general agents, delivered a third intensive one-day learning programme for 25 of its up-and-coming members, including the Admiral Yacht Insurance Office Manager, Jane Dodd. The training day was held at the iconic Lloyd's Building in Lime ...
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Lloyd's reported underwriting profit of £5.9 billion ($7.4 billion) for 2023 on Thursday, a £3.3 billion increase on the previous year due to lower costs from large risks and natural ...
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Since autumn 2018, the drive to restore profitability has meant that there are approximately 25 fewer insurers offering H&M insurance in the global insurance market, including 20 or so in London; and the impact has also been severe in cargo, yacht and a number of other classes, a situation compounded by insurer merger and acquisition activity.
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Lloyd's of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by