“This is regrettably another capacity provider walking away from the market which is sad and does leave brokers with a diminishing marketplace for the placement of marine trades business.”
That was the sentiment of Fiducia chief executive Gerry Sheehy after it was announced that NMU, following a review of its portfolio, has taken the strategic decision to withdraw its commercial marine trade combined product from the UK and Irish broker market.
As we reported yesterday, Zurich-owned Navigators and General (N&G) is acquiring the marine trade book for an undisclosed amount. As a result, marine trade underwriters of NMU will move to N&G.
NMU said it will cease writing new business effective immediately but will continue to invite renewals for risks renewing up to and including February 01, 2020. The offloaded book will transfer to N&G at renewal.
In a statement sent to Insurance Business, Sheehy commented: “A fair amount of this business was handled previously by our trades team when it was handled by NMU’s sister company GJW (Groves, John and Westrup) a couple of years ago prior to the launch of NMU’s marine trade product in 2017 and within minutes of NMU informing their brokers of their withdrawal we were taking calls from concerned brokers to see how we could help.”
The MGA boss went on to note: “Our strategy and message to brokers is clear and has been since we commenced underwriting back in 2016. We have been equally vocal about our desire to work with our broker partners and their clients to meet their needs, and our door remains open to support those brokers who require some assistance on the placement of this business.”
Sheehy added that the under-pressure UK marine market needs quality and flexible products backed by strong management and financially robust insurance capacity.
