Tim Turner, marine head at insurer Beazley, is to lead a newly formed underwriting division covering a wider range of risks.
Under the new structure, a MAP Risk division has been established that will include marine, aviation, political and contingency risks.
Turner, who has been with Beazley since 1998, will move on from his current role as group head of marine to lead the new division.
“In an increasingly complex, global risk landscape, it is clear that political, contingency, marine and aviation risks are becoming ever more interconnected,” Beazley said.
“To address this challenge, the new division, led by Tim Turner, brings together Beazley’s expert underwriting teams and clients’ risk portfolios, enabling Beazley to offer innovative and comprehensive risk-management solutions.”
Beazley reported a much-improved performance from its marine insurance business last year.
The division achieved gross written premiums of $376.5m, compared to $337.4m in 2020, and a profit of $97.4m, compared to $45m in the previous year.
Rate rises
The insurer identified that its profits came mostly from its cargo, aviation, liability, hull and war portfolios, which it said “have seen strong rate rises across the board”.
However, Beazley said it expects the rate rises to slow down this year. It said with new entrants appearing, the market will become more competitive.
“We remain confident of our market-leading position and the growth opportunities that lie ahead for a specialist such as ourselves,” Beazley said.
