Featured products & market conditions
The McGriff ethos of retaining and winning business is one that we share. To support you we have created your easy to access, online hub which brings all the resources you need together in one place to make doing business with Miller as seamless and simple as possible.
No passwords, no logins, just simple direct access to our resources, knowledge and commercial acumen.
- Over 40 carriers writing cargo with a maximum capacity approaching USD1bn.
- STP benefits include seamless protection, cost savings including profit commissions, lower deductibles available for catastrophe and simplified administration.
- The Miller STP Team is one of the largest teams in the market - 14 dedicated specialists with 15 years’ experience on average per person. Responsible for USD60m worth of major placement premiums into London in the open market through three dedicated facilities.
- Five specialist claims brokers sit in the same office as placing teams in order to maximise co-ordination and efficient communication and resolve claims as quickly as possible.
- Coverage is tailored to suit the individual insured’s media activities with manuscripted wordings to meet the requirements of modern media organisations.
- Broad triggers for IP infringement, defamation, libel, invasion of privacy, breach of copyright, breach of contract.
- Numerous enhancements to coverage to respond to the evolving exposures faced by modern organisations including subpoena expenses, first amendment protection legal expenses, claims against freelancers and cyber liability.
- Coverage available on both an Occurrence basis and claims made basis.
- Provides A+ security rated Lloyd’s capacity for physical loss or damage to owned or leased mobile equipment.
- This cross-industry facility offers a broad policy wording, flexibility around the type of asset that can be covered and a quick turnaround on quotes.
- Facility is designed for equipment owners, including contractors, subcontractors, lenders and others operating in the following industries: energy, natural resources, environmental services, industrial services, infrastructure and construction.
- Covers all risks of physical loss or damage to equipment, including CAT perils, mechanical & machinery breakdown, including whilst in use, storage and/or on road, loss of hire and/or earnings coverage available on a case by case basis.
- Innovative solution that both complements and fills the protection gaps in traditional coverage programmes.
- Covers against the probability of an event happening, rather than indemnifying an incurred loss.
- We arrange tailored parametric insurance solutions using simple, independently verifiable triggers and settlement structures.
- Whilst weather-based parametric covers are the most common, with an estimated 3 in 4 companies frequently impacted financially by adverse weather, this form of insurance has a wide range of applications: Natural catastrophes, Energy, Construction, Transport and Hotels.
rates, capacity & appetite
- Rates are being pushed up across the board with certain areas such as retail STP and excess stock, or interests such as temperature sensitive goods, perishable goods and alcohol among the sectors seeing the biggest increases.
- There remains a broad appetite amongst Syndicates but it narrows for more challenging interests such as those industry verticals listed above. London is being more competitive on medium to large accounts with small accounts being penalised by minimum premium thresholds in the open market. Outside of facilities London is positioning for its open market play in excess of USD 100,000 gross premium for 100% on any account.
- There is an abundance of capacity in the London market with large excess policies still being placed. As mentioned above, underwriters are being selective on how they deploy capacity and pushing rate even on excess layers with high attachment points.
- As US domestic carriers reduce limits or restrict coverage due to sector losses and changes in appetite, there is a greater need to turn to London carriers for additional or replacement capacity – Primary and Excess capacity is available in the London market for media liability at competitive rates.
- Targeted at firms above USD30m in revenues.
- Target industry sectors include, but not limited to – multimedia organisations, advertising agencies, broadcasters, film and TV producers and social media influencers.
- Rate increases have remained steady and as predicted these are approximately 5-10% for standard risks. There has been some plateauing in rates, and it is anticipated this will continue as the year progresses. That being said, risks highly exposed to natural perils are seeing much higher rate increases as capacity is reduced. Rate rises are also still being seen in domestic markets as capacity reduces. Commissions and acquisition costs to underwriters are still high on the agenda to be reduced.
- Underwriters’ appetite for risk remains broad and all types of risks are considered, however heavy civils, tunnelling and hydro projects are tougher to place. We are seeing an increased focus on the use of social impact reports from a number of key markets, which are implemented at a corporate level and can also effect underwriter’s appetite.
- The capacity in London for well-presented risks remains strong, however underwriters in Lloyd’s and Company markets remain extremely busy, having adapted to on-line trading well.
- Hardening rates across traditional lines of business continues to drive the need for innovation. We are seeing increased demand for parametric solutions and have bound a number of deals in the last month. For example, we have restructured property all risk placements to help mitigate rate rises, utilising parametric capacity to fund larger client deductibles or alternatively taking certain Nat Cat exposures out of the property all risk schedule all together and into a parametric solution.
- Whilst carriers seek to capitalise on the rating environment for traditional lines, the large scale fundraising exercises taking place means there is plenty of capacity available to address new and emerging risks. The Lloyd’s Product Innovation Facility, with a GBP 120m max line size, continues to bind new deals. Areas of focus include parametric covers, reputational risk, cryptocurrency, supply chain risk and non-physical damage business interruption.
The Lloyd's Market alone writes 25% of all US excess and surplus lines business - providing cover when local market cannot or will not accept a risk.
In 1880, the first US policy was placed into Lloyd’s of London. Fast forward to today and the London Market is the largest (re)insurance subscription market globally, containing 350 re/insurance businesses, 91 syndicates, and 200 Brokers active in the London market.
- 52,000 re/insurance and risk management professionals
- Subscription market - more than one carrier can take a share of the same risk, meaning clients can find insurance for risks that are too large or complex for one insurer alone
- Particularly advantageous when it comes to unusual risks as we can discuss with a number of subject matter experts across many niches to provide tailored solutions
- Deep reserves of capital and experience built up over centuries help clients and insureds to get back on their feet when the worst happens
- Global reputation for delivering on its claims promise - paying over USD100m every week
- ...London makes it happen!
Our North American team regularly travel to McGriff offices and attend key insurance conferences and seminars that you may attend too. Check back regularly for the latest travel.
Have a query, comment, or feedback but not sure who at Miller to direct it to?
Use this simple form and we'll be in touch.