Tokio Marine HCC International (TMHCCI) has confirmed it will be incorporating specific members of the Lavaretus Underwriting team, a specialist managing general agent (MGA) and Lloyd’s coverholder with a focus on the shipping, power, and energy sectors, following an agreement with Marsh Specialty UK.
The integration is slated for completion shortly after the first quarter of 2024. Lavaretus, with operations across Finland, Sweden, Denmark, and the UK, covers niche insurance products catering to the construction, operational, and business interruption risks in static floating industrial solutions. This includes areas such as power generation, battery storage, and data storage solutions, highlighting its expertise in providing survey and risk engineering services.
Having been the primary insurance provider for Lavaretus since its inception in 2010, TMHCCI’s relationship with the MGA is well-established. The merger of the Lavaretus team into TMHCCI’s operations is expected to enhance the latter’s marine insurance capabilities significantly.
“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,” TMHCCI head of marine Simon Shrimpton said.
What are your thoughts on this story? Please feel free to share your comments below.
