Tokio Marine HCC International (TMHCCI) has reached an agreement with Marsh Specialty UK to take on certain employees of Lavaretus Underwriting, a specialist MGA and Lloyd’s coverholder focused on the shipping, power and energy sectors.
Lavaretus reportedly underwrites a range of specialist products for the construction, operational and business interruption risks associated with static floating industrial solutions.
These products include power generation, battery storage, regasification, desalination, and data storage, whether ship or barge-based.
TMHCCI explained that it has served as the lead insurance provider to Lavaretus, boasting of a strong relationship since the specialist MGA’s establishment in 2010.
According to TMHCCI, the addition of the Lavaretus team represents a highly complementary offering to its existing in-house marine capabilities.
The two teams are expected to be integrated upon completion of the transition, which is anticipated to complete shortly after Q1 2024.
Simon Shrimpton, Head of Marine at TMHCCI commented, “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.”
