The insurance business deals just keep coming this week, here’s the latest from Tokio Marine;
Tokio Marine HCC International (TMHCCI) today announced that it had reached agreement with Marsh Specialty UK to onboard certain employees of Lavaretus Underwriting, a specialist MGA and Lloyd’s coverholder focused on the shipping, power and energy sectors.
The transition is expected to be completed shortly after Q1 2024.
With a presence in Finland, Sweden, Denmark and the United Kingdom, Lavaretus underwrites a range of niche, specialist products for the construction, operational and business interruption risks associated with static floating industrial solutions. These products encompass power generation, battery storage, regasification, desalination, and data storage, whether ship or barge based. Key to Lavaretus’ success is its provision of survey and risk engineering services.
TMHCCI has served as the lead insurance provider to Lavaretus, with a strong relationship since its establishment in 2010. The addition of the Lavaretus team represents a highly complementary offering to TMHCCI’s existing in-house marine capabilities. The two teams are expected to be integrated upon completion of the transition.
Simon Shrimpton, Head of Marine at TMHCCI said: “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. 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.”
Dominic Samengo-Turner, Chief Executive at Marsh Specialty UK said: “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. 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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