Technology and Lloyd’s create tailwinds for RSG in choppy marine market


Technology and Lloyd’s create tailwinds for RSG in choppy marine market

Miles Wuller and Jorge Pecci, Ryan Specialty Group (RSG)

Ryan Specialty Group has a growing presence in the marine market — a confluence of market conditions and its own strategic decisions could mean further growth, as Intelligent Insurer finds out.

Ryan Specialty Group (RSG) operates through three managing general agents (MGAs) SafeWaters, Trident and Lodestar, and one third-party administrator (TPA) Smooth Waters in the marine market, and is growing the business by harnessing technology for tailored solutions to clients. A reduced capacity after the 2017 catastrophe events and the Lloyd’s performance review may propel the business further.

“Vessels include more technology, and marine traffic has increased substantially.” Jorge PecciThat is a summary of how Jorge Pecci, head of marine, RSG Underwriting Managers (RSGUM) and chief executive officer of SafeWaters Underwriting Managers, and Miles Wuller, chief operating officer of RSGUM, assess the marine market.

They stress that the operating environment for marine insurance is not optimal. Global marine underwriting premiums shrank 9 percent year on year to $27.5 billion in 2016, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI).

RSG, Ryan Specialty Group, Marine, Insurance, Lloyd's, Technology, MGA, SafeWaters, Trident, Lodestar, Jorge Pecci, Miles Wuller, London, UK

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