02/07
London Market Update
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02/07
London Market Update
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Updates tailored to your area

Click an image to see the relevant insights.

Marine

Marine

Sport

Sports

Fine Art

Fine Art/Specie

Reinsurance

Reinsurance

Delegated Authorities

Delegated Authorities

A&H

A&H/War Risks

Cargo

Cargo

Cyber

Cyber

Market Management

Market Management

Marine

Marine

Sport

Sports

Fine Art

Fine Art/Specie

Reinsurance

Reinsurance

Delegated Authorities

Delegated Authorities

A&H

A&H/War Risks

Cargo

Cargo

Cyber

Cyber

Market Management

Market Management

Marine

  • There has been a notable increase in capacity within the London market, alongside a growing appetite for European business. This additional capacity enables London to compete more effectively with local markets across the continent, offering clients enhanced options for their marine insurance requirements.
  • London also holds a competitive edge when it comes to excess placements, where clients are seeking higher limits. In these cases, the market’s depth and flexibility provide real value. While the compliance landscape remains challenging, London continues to serve clients with specialist demands, particularly those with complex or niche risks that require tailored solutions.

Sports

  • Within the sports sector, London continues to provide the broadest range of coverage and some of the most competitive pricing available. A number of line slips and facilities are in place, giving clients access to cost-effective options without compromising on quality or scope.
  • For major international motorsport events, local markets are not always able to provide the level of cover required. In order to meet the standards set by governing bodies, local brokers often need to turn to London for additional capacity, underlining the capital’s ongoing importance in the global sports insurance landscape.

Fine Art/Specie

  • Despite the availability of capacity among European insurers, the London market frequently offers a more competitive proposition, particularly for large capacity placements or highly specialised risks. In such instances, London’s experience and market depth prove invaluable.
  • Thanks to its expertise in handling complex cases, London continues to be regarded as the centre of excellence for specialty lines across Europe. Clients and retail brokers alike rely on the market for creative and sophisticated solutions, particularly where the nature of the asset or the territory introduces greater complexity. In addition, many multinational firms with headquarters in Europe continue to bring their global insurance programmes to London, recognising its international reach and technical leadership.

Reinsurance

  • The 1.1 renewals saw signs of softening across many classes. Property-catastrophe rates fell by 5–15% on loss-free layers, marking the first decline since 2017. This due to an abundant capacity and strong reinsurer results in prior years.
  • Casualty treaty renewals were stable, supported by firm underlying rates, though social inflation remains a concern.
  • Specialty lines like cyber saw competitive conditions, with some cyber rates down typically mid-single digits and enhanced terms for buyers. While underwriting discipline remains firm — with continued focus on attachment points and exclusions — the January renewals marked a clear shift toward a more balanced and buyer-friendly cycle.

Delegated Authorities

  • Increasingly, local markets are dictating terms in ways that disadvantage local businesses, prompting many to seek more favourable solutions through the London market.
  • London continues to offer a flexible and entrepreneurial environment, one that Miller is committed to developing further. This dynamism provides a foundation for innovative solutions and long-term growth, both for our clients and for the wider market.
  • The Miller team brings strong expertise in both the London and international markets. A recent example of this is a property MGA where a colleague based in Marseille produced the business, which was then successfully placed with a Swedish market. This reflects our ability to operate across borders and navigate the nuances of local and regional markets with ease.

A&H/War Risks

  • London is a favourable option for our European partners when working with clients to provide cover in high-risk locations or providing placements with high limits of liability. Whilst the domestic European market remains strong in the Accident & Health world, London can provide an abundance of support in areas that fall outside of domestic appetite.
  • Miller’s Accident & Health team have a wealth of experience in handling complex placements and are well versed in providing clients with bespoke Accident & Health solutions such as coverage in war-torn locations. A good example of this is our offering for journalists travelling to high-risk areas such as Ukraine and Israel (including the West Bank and Gaza). Miller is able to provide short-term or annual specialist policies that allows clients to carry out their work with greater security and peace of mind

Cargo

  • The European market is demonstrating heightened caution amid escalating war risks. Notably, GAREX - the leading reinsurer in the French market - has reduced its total capacity from USD50 million to USD30 million, while also introducing rates that are two to three times higher than those seen in the London market. Miller's Cargo team has the depth of expertise and relationships to work with you in navigating these complex market dynamics.
  • Despite these developments, the number of leading insurers remains limited, and some historical leaders are facing licensing constraints depending on the origin of the risk (e.g. Tokio Marine HCC).

Cyber

  • We are noticing growing interest from our European partners who, despite identifying opportunities or niche sectors, often lack the local products to meet their needs. In these cases, the London Market has stepped in to fill this gap effectively.
  • Additionally, there has been an increase in demand from Europe for cyber insurance. While clients still require support in understanding the value and purpose of cyber cover, as well as in quantifying the associated risks, our team is well-positioned to guide them through the latest trends and provide clarity on this complex area.

Market Management

  • Overall, the London market is softening, and we are seeing a growing interest in working with Miller at a strategic level. 
  • For clients and local brokers, this means they’re increasingly looking for specialist, independent insight into our offering - wanting to understand not just what Miller do, but how we differentiate ourselves to deliver greater value and improved outcomes for them.
02/07
London Market Update
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Up next, we explore how evolving political dynamics are reshaping global risk and what this means for your insurance strategy.

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