Rate hardening in cargo has led to new players, increased capacity, says Howden Specialty

In a London Market update Howden Specialty has listed the recent moves of underwriters, as well as a brief commentary of where rates are going.

Howden said that the rate increases and general hardening of the cargo market over the past two years had led to a significant increase in capacity. Increased competition was having a positive effect for insurance buyers (i.e., Howden’s clients) on rates and, in particular, on new business. “New entrants and growth targets have driven a strong demand for underwriting talent”, Howden Specialty said.

New:

Tokio Marine HCC Richard Golder and Jack Bryant from Hiscox
Ascot-backed MGA Alasdair Butler and Lee Aspinall from Lancashire
Navium (Fidelis backed MGA) Henry Maughan and Emma Roadnight from Antares
IQUW (formerly ERS Syndicate) headed by Phil Furlong (ex-Hiscox) as Head of Marine and potentially having a cargo team
CV Starr John O’Brien (Head of Marine) from Marsh will be hiring a cargo underwriter
Arch Steve O’Gorman (Head of Marine) will be hiring a cargo underwriter
HDI New London office with Steve Foreman and Marion Robinson (both ex-RSA)
Bowline (MGA) Nick Derrick
Rokstone (MGA) Rob Birchard (https://www.rokstoneuw.com/products/marine-cargo)

Existing:

Chubb Alex O’Brien from Beazley
Chubb Ben Garner from Aviva
Hiscox Aimee Nolan from Canopius
Hiscox Will Warden from AWAC
Axis Sarah Remington-Hicks from MS Amlin
Fidelis Alice Tyler from CNA
AWAC Anthony Grew from CNA Hardy
AES Sam Benfield from MS Amlin
Lancashire Richard Costain from McGill
Lancashire James Blewett from WISE Underwriting Agency
Munich Re Robin Tothill retired in June
Antares Looking for a cargo team
Antares Joe Mellon has announced his retirement
Aviva Emma Falvey from Millers
Aviva Doug Ruggles from Newline