Don Harrell, former marine underwriter at Aspen Insurance, has joined broker Willis Re Speciality as managing director and chief operating officer.
He is one of many executives in the shipping insurance industry who found themselves out of work as the main speciality insurers cut back their exposure to the marine business, mainly in response to a profit drive at the Lloyd’s of London market.
Harrell has 25 years’ experience in the market and was head of international insurance and global head of marine at Aspen and active underwriter at its Lloyd’s of London Syndicate 4711.
However, the wheel has turned full circle as he returns to being a broker. He began his career as a marine and energy insurance broker with Bain Hogg.
“I am very excited to join Willis Re at a time when the business is growing and investing in client advocacy, analytics and consulting. This new challenge also marks my return to the broking side of the specialty insurance business, where I started out,” Harrell said.
“The global market is moving through a time of positive change, and I look forward to supporting Willis Re as it builds on its leadership role in the evolving international specialty risk sector.”
Former Brit Insurance marine hull and war insurance underwriter Bob Clarkson, who left the company earlier this year, has joined Fidelis Underwriting.
Clarkson has 30 years’ experience as a marine underwriter and has been tasked with developing the Fidelis Marine business.
“I look forward to developing the Fidelis brand and reputation within the marine sphere,” he said. “The collegiate underwriting approach and lack of silo underwriting will also allow me to offer some of Fidelis’ innovative bespoke products in financing and balance sheet relief to the marine market clients.”
Recruitment specialists said job prospects are looking up in the marine insurance business after nearly two years of staff cutbacks by the main providers.
The market appears to have bottomed out, with rates picking up again, the International Union of Marine Insurance (IUMI) conference in Toronto was told last month.
Around 31 insurers have withdrawn or reduced marine insurance cover in the past two years, according to IUMI.
