Insurance broker JLT has won one of the biggest protection and indemnity accounts in shipping after it snatched the business of Japan’s NYK Line from rival Aon.
Blue-chip NYK’s diversified fleet of 720 owned and chartered vessels ranks it among the top-five shipping companies in the world and makes it one of the most sought-after accounts in the P&I broking business.
None of the parties involved are commenting on NYK’s change of P&I brokerage but it would appear to have resulted from JLT’s recruitment of Japan specialist John Trew last year.
Japan specialist
Trew, a former chairman of Britannia P&I manager Tindall Riley, spent years growing the club's business in the Far East and is a well-known and respected figure in Japanese shipping circles. Britannia is the largest of the foreign P&I clubs operating in Japan.
Japan has been a hot market for P&I mutuals and brokers over recent years. Aon made the first major inroads as a brokerage after it captured the accounts of NYK and MOL — the two leading shipping companies in Japan.
It was Aon’s success that showed the market that the major Japanese lines were becoming increasingly willing to spread their cover beyond the traditional links with the Japan P&I Club and led to the focus on the country.
Aon has retained MOL and TradeWinds understands it has also recently won the accounts of US liner company Matson, Norway’s Hurtigruten and others to make up for the NYK loss.
Boost for acquisition
The NYK account will come as a boost to the JLT P&I team ahead of its planned acquisition by US broking giant Marsh, and it will also help cement Marsh’s position as the leading P&I broker in shipping.
As TradeWinds reported last week, Marsh and JLT have differing approaches to P&I broking and this has raised questions over whether they can successfully work together.
