Reinsurance News

H.W. Kaufman unit launches ocean cargo insurance product

29th July 2020 - Author: Katie Baker

RB Jones Marine, a distinct business unit within H.W. Kaufman Group, has announced the launch of a new marine cargo product.

cargoThe new product will be launched in partnership with Atain Insurance Companies, and, in addition, RB Jones Marine has added John Gambino to its management team.

Results for the global cargo market have weakened over the last several years, leading to significant losses in the space. The firm notes that over the past 18 months, capacity has rapidly contracted, with several London markets discontinuing cargo offerings completely – some estimate the U.S. market has lost capacity up to $100 million.

This latest adjustment will play a pivotal role in expanding its marine cargo portfolio to complement the company’s current capabilities—including Marine Liability, Marine Excess, brown-water Hull and Excess Energy.

According to an announcement on the launch, the new solution, Ocean Cargo Stock Throughput, captures over a dozen supply chain classes and is designed for those who purchase goods or raw materials from foreign suppliers, manufacture or sell finished goods overseas, warehouse imported goods until sold to consignee, or finance clients with import or export operations.

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Gambino joins RB Jones Marine as Underwriting Manager, Cargo. His role throughout the expansion of RB Jones Marine’s cargo portfolio will serve as an important resource through extending his marine expertise throughout the H.W. Kaufman network. He will be based in New York and will be reporting to Mark Engel, Managing Director at RB Jones.

He most recently served as a leader for Great American’s northeastern Ocean Marine business unit that included Ocean Cargo, Brownwater, Primary and Excess Liabilities, Commercial Automobile and Commercial Property.

“I am honoured to join RB Jones Marine and help expand its robust marine business,” said Gambino. “My years of experience and existing relationships will be key in driving strategic results that continue to support the company’s reputation as a leader in specialty risk solutions.”

In response to Gambino’s addition to the management team, Engel said: “We strategically added John Gambino to the team given his record of deep expertise in cargo broking and underwriting. His technical underwriting skills are key to expanding our business and servicing our partners and clients during this market transition.”

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