Miller means business
Joint success stories to inspire
Alongside you, our North America partners, we have had many mutual wins and successes over the past quarter. This article highlights some of our joint success stories to inform and inspire!
New capacity in the D&O market putting London ahead of the curve
Miller recently placed D&O, ABC and Side A cover for a clinical-stage biopharmaceutical company that focuses on developing immunotherapy products based on its allogeneic gamma delta T cell platform.
The US domestic market would not offer the required cover so the US wholesale broker came to us. The broker is an existing client of ours and we have had ongoing success with them.
With the Miller team having recent success in placing IPOs the US market has declined, this is a challenge with which the team has experience and is used to handling. With Miller’s expertise of placing IPOs and being able to get the deal over the line (compared to that in the US domestic market), coupled with the appetite of our markets and the availability of new capacity in the D&O market – the team were able to place the full programme out of London.
This resulted in a positive outcome for all parties involved. We look forward to continuing our success with the US broker.
Contact - Harry Braysher >
Cargo expertise sees new win with frozen seafood distributor
As the cargo market continues to stabilise in terms of pricing, we are also seeing a broadening of appetite with underwriters offering competitive terms on volatile interests, challenging territories and distressed loss records.
A perfect example of this is a recent stock through put (STP) win on a distressed frozen seafood distributor with LatAm exposure. The concern with this type of interest is temperature variation losses and the risk of hijack theft and this was reflected by a poor loss record.
After over a decade with the domestic carrier, the retailer was eager to explore alternative options. A thorough wording review highlighted much of the policy was out of date. In addition, utilising the broad nature of STP, which covers goods in the supply chain anywhere in the world, we proposed consolidating other policies into a single programme to provide additional certainty of cover and peace of mind. This led to Miller being instructed to secure formal terms.
We maintained regular and clear communication with the intermediary throughout the placing process to manage market appetite and monitor the level of underwriting information needed. We canvassed over 25 markets securing competitive terms and beating other London pricing.
The key to Miller’s success was our ability to address underwriters’ numerous concerns about the insured’s interest, territory and loss record whilst providing broader coverage at competitive pricing.
Contact - Oliver Lombard >
London really is open for business
Cargo team placed marine cargo excess of loss coverage
We recently placed marine cargo excess of loss coverage for a US based company whose core business involves the marketing & sourcing of base metals & concentrates, minor & alloying metals, industrial minerals & chemicals, and materials for steel mills & foundries.
The domestic markets were unable to help due to intricate coverage requirements and a heavy increase in exposures. The incumbent carrier also did not want to offer coverage outside of policy sub limits at non-US domestic locations – a huge issue for the insured.
The incumbent broker had held the account for a number of years and a change of relationship manager, through a retirement, placed significant pressure on the individual tasked with inheriting and maintaining the firm’s existing account to achieve a result and gain the confidence of their client.
Miller went through a detailed coverage analysis with the US broker through the coverage offered by the incumbent and explained the specific issues with regard to metals and misappropriation language, the team – who have worked extensively in the commodities and banking space – put together an excess of loss program to ensure seamless coverage for the client’s international exposures (including full misappropriation coverage).
We were able to provide a quick turnaround and a willingness to offer round the clock support to a client that was clearly under pressure, having inherited an account that was proving extremely challenging to manage. We actively engaged markets that have experience in the metals arena and utilised a selection of the incoming new capacity to the cargo market in London – 85% of the placement was deployed to new entrants - showing that London really is open for business as new capacity has entered in the wake of the “Decile 10” review of the class.
The client has realised he has a go-to-team in London, that can offer the necessary expertise to compliment his client and we look forward to continuing this relationship.
Contact - Andy Edwards >
Utilising market relationships to create long-term solutions
Casualty team placed umbrella coverage
We placed Umbrella coverage for a Canadian transportation company with approximately 45% US mileage (predominantly bulk liquid and petroleum hauled).
The client was facing the problem of their existing cover being non-renewed for the third year running (coverage has been in place, but bound with markets who have then subsequently non-renewed the year after) and the domestic market was unable to help due to the percentage of US mileage at the attachment.
We worked alongside the Canadian retail broker on this placement, who is a longstanding Miller client. Having helped in the class previously and already having strong relationships with markets that write this business, we had a lot of expertise and experience in this area.
The Insured was not someone who wants to move around and did not like the uncertainly created by non-renewal over the past few years. So, we worked with our key trading partners to find a longer terms solution (2-year deal).
Following this placement, our client (who places the insured’s underlying package policy of GL, Auto and Garage liability) was also delighted to be able to keep their policyholders’ underlying policies in place.
Contact - Rob Jones >
Miller’s largest ever standalone Terrorism placement
Miller’s terrorism team recently placed standalone terrorism cover for a redevelopment of an existing building in Manhattan.
Amazingly, this was the largest ever standalone placement for Miller - well in excess of USD1bn of limit.
Miller’s pricing was more competitive than TRIA, so we were able to offer more comprehensive coverage a at a better price than the domestic markets.
The terrorism team successfully placed a fully non-cancellable/re-rateable placement for a 3-year policy period. This was a full subscription market placement.
Contact - David Eliot >