Cambiaso Risso is hoping to tap German shipowners as part of its plans to explore new markets.
But chairman Marco Risso concedes the real challenge facing the Italian marine insurance broker is to expand in what remains a very difficult market.
Speaking from the Genoa-headquarters, Risso said his company was already doing deals with German owners as it seeks to double the volume of business in five years.
“We are very keen in developing the business directly with German owners. We have been successful with some," Risso said.
Pay off for patience
Over time, he believes results in the marine insurance business will improve for those companies that have “patience”.
But any increases in premiums should be “gradual and moderate”.
“The market suffered huge losses, so there must be certain adjustments,” Risso said. “But it has to be in a way that people can live with. If there is a drastic approach, you go nowhere.”
Cambiaso Risso is seeking to grow its business globally from its Genoa hub. It also hopes to build on its foothold in Greece, the Far East and Norway.
In February, it unveiled a “strategic partnership” with French insurance broker Siaci Saint Honore, which has a strong presence in France and Africa.
Under the deal, more than 50% of the Italian broker was sold to its Paris-based counterpart.
Fresh opportunities
But it also opened the door for Risso and managing director Mauro Iguera to look at new opportunities.
“We have in the pipeline a number of ideas and opportunities that we are studying,” Risso added.
That includes possible acquisitions of niche marine insurance brokers.
“We will do that by organic growth,” Risso said. “If we see a medium and small broker specialised in something, this is of interest to us.”
