Lloyd’s veteran to lead new $18m cargo facility at MGA Rokstone
Speciality re/insurance MGA Rokstone, part of Aventum Group, has launched a new $18 million global facultative general marine cargo facility to be led by a well-known Lloyd's underwriter, as it looks to take advantage of the "incredible" rate increases seen in the class during the hard market.
Rokstone has secured Robert Birchard, one of the London market’s most experienced underwriters in this sector with 43 years’ experience in Lloyd’s, to join the MGA as a cargo underwriter to lead and grow the marine division.
Birchard started his career in 1978 at the Sturge Syndicates in Lloyd’s before spending time as a Lloyd’s broker. He then spent 12 years as a cargo underwriter on the XL syndicate before taking the position as senior cargo and specie underwriter for Sirius International. Latterly, he spent time writing cargo and specie at Starstone, Argenta and the MGA K2 International.
The new marine cargo facility is backed by A rated global carriers. It includes $5 million for niche selective cargo treaties, offering carriers writing specialist products with proven track records, new innovative reinsurance capacity solutions using the same A rated global carriers.
Rokstone said it is looking to grow its geographic and digital presence and diversify its speciality product range. The MGA is planning to launch additional direct wholesale capacity in the next few months.
Birchard said: “Marine Cargo is a sustainable class that has seen incredible rate rises and adjustment to terms during this hard market. Compared to any previous hard markets, even post 9/11, I’ve not seen rate rises like this before. Now is certainly the best time in 20 years to write Cargo business.”
Rokstone currently underwrites $500 million GWP in several specialty lines including marine, terrorism & political violence, direct & facultative property, treaty property, construction & engineering and liability. The MGA operates from its offices in the UK, Europe, USA, Asia, Africa and the Middle East.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
