Marsh has appointed Marcus Baker (pictured) to the new role of chairman of marine, cargo and logistics at Marsh Risk.
Michael Walls 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 business. 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.
“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 handover comes at a difficult time for marine insurance. Willis Re said 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, conflict has driven sharp changes in war risk cover, and losses can fall into gaps between policy wordings.
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.
For marine clients and insurers, a planned succession with a long-serving chairman staying on should mean continuity in Marsh’s relationships, at a time when war risk, cargo and supply chain cover are under strain.
Appointing a global head from Asia also reflects where marine business is growing. With Chinese exports shifting towards emerging markets and Asian trade routes increasingly important, insurers and brokers alike are building expertise in the region.
