Tim Turner is running Beazley’s marine insurance department after taking over from well-known industry figure Clive Washbourn.
The change at the top of the London-headquartered specialist insurer's marine department took place at the very end of last year, but there was no official media announcement.
Washbourn has now taken a role as underwriter in the marine division. The move was described as taking place for “personal reasons”.
Outspoken character
Washbourn is an outspoken character in the industry, with an uncompromising approach to the business of underwriting.
Under his distinctive leadership, the insurer managed to buck the trend and prove that profits can be made out of providing marine cover in a period of chronic soft rates.
He was recruited by Beazley in 1998 to build a marine team and has been a central figure at the insurer since.
He grew the firm's marine business to become one of the largest providers in the market, involved in providing cover for about 20% of the world fleet.
It operates in all key marine sectors, including hull and machinery, builders’ and war risk.
The syndicate [623] is well positioned in this context, achieving consistent underwriting profitability within the marine division over the past 10 years
Beazley
Washbourn stepped down from his leadership role with Beazley’s marine business in good condition, despite the troubles at Lloyd’s marine market. Lloyd's has suffered from ongoing soft rates and is widely regarded as being unprofitable.
Successful syndicates
According to Beazley, its Lloyd’s syndicate 2623 increased premiums in marine from $266m in 2017 to $278m in 2018, as the result of hardening rates.
It earned a profit of $18.3m in 2018, compared with $5.4m in the previous year.
Its syndicate 623 also reported increased gross marine premiums, which rose to $61.1m in 2018, from $58.5m the previous year.
The syndicate reported a combined ratio of 92%, which indicates claims and expense costs were lower than gross premium income. The syndicate’s technical underwriting profit was $4m.
Beazley said: “The syndicate [623] is well positioned in this context, achieving consistent underwriting profitability within the marine division over the past 10 years and accounting for a quarter of the entire Lloyd’s marine market’s total profits between 2013 and 2017.”
