Tokio Marine HCC International adds Lavaretus Underwriting team
Tokio Marine HCC International (TMHCCI) has reached agreement with Marsh Specialty UK to ‘onboard’ certain employees of Lavaretus Underwriting, a specialist MGA and Lloyd’s coverholder focused on the shipping, power and energy sectors.
TMHCCI said the addition of the Lavaretus team represents “a highly complementary offering” to TMHCCI’s existing in-house marine capabilities, and the two teams are expected to be integrated upon completion of the transition. The transition is expected to be completed shortly after Q1 2024.
Lavaretus underwrites a range of niche, specialist products for the construction, operational and business interruption risks associated with static floating industrial solutions. These products encompass power generation, battery storage, regasification, desalination, and data storage, whether ship or barge based.
TMHCCI said that the provision of survey and risk engineering services by Lavaretus was key to its success. The MGA has a presence in Finland, Sweden, Denmark and the UK. TMHCCI has served as the lead insurance provider to Lavaretus, with a strong relationship since its establishment in 2010.
Simon Shrimpton, head of marine at TMHCCI, said: “We have been lead capacity provider to Lavaretus for a number of years, so we know its profitable book, discerning risk appetite and – most importantly – its team very well. There is a natural synergy between our business and theirs, so when the opportunity arose to bring them fully into the TMHCCI fold, it made perfect sense. Our shared expertise, combined footprints and distribution networks will make for a formidable marine offering in London and beyond.”
Dominic Samengo-Turner, chief executive at Marsh Specialty UK, added: “Lavaretus is a great brand that we have built over more than ten years. The future success of Lavaretus is dependent on creating the best solutions for its clients. It has become apparent that taking Lavaretus to the next level will be achieved more easily under the umbrella of a strong independent insurer, which we have found in TMHCCI.”
