Ryan Specialty has announced the appointment of Mark Engel (pictured above) as chief executive officer of marine & energy for its specialty underwriting segment, Ryan Specialty Underwriting Managers (RSUM).
Effective immediately, Engel will oversee the operations, growth strategy, and market positioning of RSUM’s marine and energy practice. He will also be responsible for managing all seven of RSUM’s energy and marine managing general underwriters (MGUs) and will be based in New York City.
Engel joins Ryan Specialty with extensive experience in the sector, including a decade at a global carrier and leadership roles in specialty marine and energy practices within an MGU framework.
Outside of its energy and marine expansion, RSUM also recently launched a new business unit following its acquisition of Innovisk Capital Partners a few months ago.
Called Celerity Risk, the new division is a rebranded unit that combines CorRisk Solutions, a US wholesale division of Ryan Financial Lines, and Celerity Pro, which was previously part of Innovisk.
RSUM’s move to bolster its marine and energy ranks also comes timely, with the sector expected to navigate heightened regulatory pressures. According to specialist re/insurance broker Miller, insurers, shipowners, and flag states confront increased scrutiny over shadow fleets and sanctions enforcement.
With an estimated 90% of global tonnage insured by the International Group of P&I Clubs, due diligence on sanctions compliance has become a focal point for insurers and maritime authorities, Miller says.
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