Marsh has appointed Marcus Baker to the new role of chairman of marine, cargo and logistics at Marsh Risk.
Michael Walls (pictured) will succeed him as global head of the business. Both appointments take effect on January 1, 2027, and both will report to Andrew George, president of specialty and industry at Marsh Risk.
Baker has 45 years in the industry, 32 of them at Marsh, where he has been central to shaping its marine, cargo and logistics practice. As chairman, he will support colleagues worldwide, maintain key relationships with global markets, and lead strategic initiatives tied to the movement of world trade.
Walls joined Marsh in 2005 and is currently head of marine, cargo and logistics for Marsh Asia. He will lead the global strategy of the business from January.
“With around 80% of world trade by volume carried by sea, Marsh’s Marine, Cargo, and Logistics team plays a vital role in supporting clients as they navigate the movement of global trade, supply chain performance, and geopolitical uncertainty,” said George.
Walls said the sector faced a wide range of unprecedented challenges, and that clients were increasingly looking for clarity and new solutions.
The transition arrives at a testing time for marine brokers. Willis Re reported last month that shipping through the Strait of Hormuz remained severely disrupted, with at least 15 container ships attacked in the region in ten days in mid-October. As Insurance Business has reported, the conflict has driven sharp changes in war risk cover, and losses can fall into gaps between policy wordings - a problem brokers placing marine risks are navigating with increasing frequency.
Competition for marine talent is also intense. Gallagher recently hired a veteran hull and war broker, and law firm DAC Beachcroft added two marine and energy coverage partners, reflecting broader demand for specialist expertise across the market.
For marine brokers placing business through Marsh, a planned succession with a long-serving chairman remaining in post should mean stability in relationships at a time when war risk, cargo and supply chain cover are under strain. Baker’s chairman role is specifically designed to preserve those market connections rather than sever them.
The appointment of Walls from Marsh Asia also signals where the business expects marine risks to grow. With Chinese exports shifting towards emerging markets and Asian trade routes becoming more central to global supply chains, insurers and brokers are building expertise in the region. For brokers with clients exposed to those corridors, having a global head who has worked those markets is likely to matter.
