Working with a specialist US broker, Miller’s North American property team recently secured a significant renewal with a long term insured, demonstrating strong capabilities amidst challenging market conditions.
Having suffered sizeable losses following hurricanes Irma and Maria, the insured’s property renewal for their Carribean marina assets proved extremely challenging. Owing to the ongoing loss situation a number of incumbent markets declined to renew and new markets proved difficult to procure.
Following an extensive canvassing of our markets coupled with strong negotiation from Miller, new capacity was sourced whilst still maintaining the long term insurer relationships valued by the insured.
This was a collaborative effort involving brokers across Miller’s Property and Casualty division. Our one team approach ensured that we leveraged our market relationships to best advantage despite the quantum of losses.
Our proven ability to deliver a fast and efficient claims response for the insured in the wake of such significant hurricanes reinforced the value of using London and was also key to the renewal. Indeed our continuing collaboration whilst the insured re-builds their operations continues post placement, with further claims payments still under negotiation.