Hull rates have been hardening following a difficult year
There are fresh fears of marine market overcapacity. Two former Catlin executives are reportedly putting together a new multi-billion pound reinsurance and speciality lines facility on the Lloyd’s of London market, according to shipping journal TradeWinds.
Stephen Catlin and Paul Brand are seeking to raise $3bn (£2.35bn) for their product, which some in the industry fear will add capacity at a time when hull rates had been hardening following a challenging year.
According to TradeWinds the move is causing alarm because the pair could enter the market with a ‘clean sheet’, meaning that as they don’t have claims liabilities they hold a competitive advantage over other underwriters.
“I’m not sure if it will have a positive or negative effect. I guess a lot will depend on what it is designed to do — disrupt or complement the market,” a Lloyd’s underwriter told TradeWinds.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet