Marine
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The broker said increased reinsurance costs had not been passed onto customers. -
Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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Strong results reflect tailwinds in the E&S space, but social inflation will be a trend to watch.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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This new coverage will be underwritten by Falvey’s recently appointed inland marine underwriting team announced in late February.
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The company elevated Ken Mueller to head of inland marine and Brett Musser to head of marine liabilities for the Americas.
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2022 statutory data is now available, and results show winners and losers
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Cargo MGA Falvey Insurance Group has expanded its product offering with inland marine coverage and a newly hired team of six.
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As head of the new in-house operation, Goodwin will oversee inland, ocean marine and related properties claims.
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Specialty reinsurers are insisting on exclusionary language in order to clear their books of further exposure to the conflict.
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Underwriting agency Marcato Marine is based in Charlotte, North Carolina and will specialise in project cargo.
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Inflation, rising reinsurance costs and rebounding shipping activity all pose challenges for the market.
