Leading shipping insurance broker Marsh and underwriter Markel have established a new marine insurance facility in London.
The outfit is called Slipstream and has been set up to service Marsh’s global shipping portfolio.
Marsh and Markel are not commenting on the details.
TradeWinds understands the structure will involve Markel taking a 5% lead line on policies, with a panel of other insurers following.
It is believed that Slipstream will be backed mainly by Lloyd’s of London syndicates.
It will cover a range of sectors including marine, cargo and logistics.
Marsh’s involvement comes through its Marsh UK Marine & Cargo, headed by chief executive Louise Nevill.
Slipstream will provide follow form covers designed to supplement primary insurance policies.
Strategic shake up
In an unrelated development, Markel has made changes to its senior marine underwriting team.
As part of a strategic shake-up, Katie Costello has been appointed head of hull and war and tasked with growing the underwriter’s portfolio.
Paul Western has been promoted to head of hull underwriting at Markel, where he will be responsible for driving hull strategy.
