Drop in marine premiums for Lancashire down to timing differences

Bermuda-based re/insurer Lancashire reported an 8.9% year-on-year drop on marine premiums for the first nine months of 2021, down to $68.6m, from $75.3m in the same period last year. Total GPW for Lancashire in the period was $967.7m, up from $658.7m for 9mo 2020.

Lancashire noted that the decline in marine premiums was the result of timing differences in the marine liability and marine hull classes, where a number of multi-year or non-annual policies were not yet up for renewal. New business growth, particularly in marine cargo, was insufficient to offset this. The renewal price index for marine was 111, compared with an average of 110 throughout the group.

Meanwhile, marine underwriter Paul Russell is reported by Insurance Insider to have left Lancashire for privately held, Bermuda-based Fidelis, the current re/insurance operation of Lancashire’s former CEO Richard Brindle. Russell joined Lancashire in September 2013. He was previously employed at CR Marine Aviation for four years. Paul previously held positions at Cooper Gay, Willis and Marsh.