’Our shared expertise, combined footprints and distribution networks will make for a formidable marine offering in London and beyond,’ says head of marine
Tokio Marine HCC International (TMHCCI) is set to onboard a range of employees from Lavaretus Underwriting after reaching an agreement with Marsh Specialty UK.
Marsh-owned Lavaretus underwrites a range of niche and specialist products for the construction, operational and business interruption risks associated with static floating industrial solutions.
TMHCCI has served as the lead insurance provider to the managing general agent (MGA) since 2010.
The two teams are set to be integrated shortly after Q1 2024.
TMHCCI said the addition of the Lavaretus team ”represents a highly complementary offering to its existing in-house marine capabilities”.
“We have been lead capacity provider to Lavaretus for a number of years, so we know its profitable book, discerning risk appetite and – most importantly – its team very well,” Simon Shrimpton, head of marine at TMHCCI, said.
”There is a natural synergy between our business and theirs, so when the opportunity arose to bring them fully into the TMHCCI fold, it made perfect sense.
”Our shared expertise, combined footprints and distribution networks will make for a formidable marine offering in London and beyond. I thoroughly look forward to officially welcoming the transferring employees to the TMHCCI family.”
Lavaretus has a presence in Finland, Sweden, Denmark and the UK.
Its products encompass power generation, battery storage, regasification, desalination and data storage – whether ship or barge based.
Dominic Samengo-Turner, chief executive of Marsh Specialty UK, said that ”Lavaretus is a great brand that we have built over more than 10 years”.
”The future success of Lavaretus is dependent on creating the best solutions for its clients,” he added.
”It has become apparent that taking Lavaretus to the next level will be achieved more easily under the umbrella of a strong independent insurer, which we have found in TMHCCI.”
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