Miller means business - recent success stories
We continue to see an encouraging number of enquiries from brokers across Europe, where Miller’s specialist expertise and access to capacity and appetite from London and International carriers is proving a real benefit.
We showcase a few of these below to highlight the variety of risks we encounter - typically large, complex or those considered more specialist in their requirements. Whilst we cannot promise a solution on everything, we are very willing to explore and assist where we can.
Offshore energy in the Nordics
Last year, Miller was approached by a Norwegian broker looking for support to win the business of one of the largest South American offshore support companies. Already handling the Norwegian based offshore section of this company, Miller was able to quickly put together a very attractive package.
Unfortunately, the broker was unable to secure an order on the South American section; however, they were so pleased with our service, they decided to use Miller for the renewal of the Norwegian section. Working together, Miller secured a substantial share from the London market at improved terms and both the broker and their client were delighted with the result. This demonstrates the positive effect of strong collaboration, combining the strengths of both domestic and London markets.
Personal accident coverage for employees working in Ukraine
Via a developing partnership with a new broker, Miller was asked to place personal accident coverage, including medical emergency evacuation and repatriation, for a client’s employees working in Ukraine. The policies needed to cover both expatriates and short-term travellers, both of which had very specific and differing requirements.
As a result of the ongoing war in Ukraine, insurance options have become limited, with many insurers exiting the accident & health market. We work closely with our markets to ensure the risk exposures of any account are fully understood, which in return can bring ad-hoc solutions for clients. As a result of our market relationships, we were able to provide exceptionally competitive and broad terms for this risk.
The broker was delighted with the service and the speed at which we were able to quote and bind the business, and as a result, now exclusively use Miller for any international requirements.
D&O placement for pharmaceutical cannabis producer
Following a call with a broker in the Nordic region to discuss the change in London appetite around cannabis related risks, Miller was asked to assist in securing Directors’ & Officers’ (D&O) insurance for a producer of pharmaceutical cannabis finished products, focused on distribution to medicinal markets and the cosmetics sector.
London had previously held a strict ‘no cannabis related exposure’ stance. With the softening of the market however, certain insurers have relaxed this stance as they look to new sectors for growth. This coupled with the lack of local appetite for this profile of business gave us a strong position to be able to provide a solution.
By targeting our market approach and ensuring we had in depth discussions with those we knew could be interested in the risk, we were able to secure the client a competitive quote, which they subsequently bound on. The broker was extremely pleased for our help in providing a solution for their client.
Unique and complex products liability placement for a workover rig
Our Energy Liability team recently received a highly unique enquiry from Central Europe regarding a workover rig (a specially designed rig that makes it easier to take out or insert tubing into a well). Manufactured and built by the insured, once the rig was delivered to the end-customer, it was agreed by contract that the insured would provide a two-year warranty in case of any product defects. Struggling to get coverage locally, Miller was asked to obtain products liability and completed operations only, stripping out the usual general liability elements of the policy.
After numerous negotiations we were able to bring influence on our strong market relationship with a particular carrier, using evidence of endorsements we had issued in the past on separate liability placements offering very similar coverage.
In offering the coverage required at an acceptable price, the broker was extremely pleased that Miller was able to find a solution and thanked us for what was described as our “incredible support”.
Reinsurance of casualty accounts based in Lithuania
A leading reinsurance broker in Central Europe had two Lithuanian based opportunities outside of appetite for the typical general liability market and turned to Miller for assistance. The first was a project specific contractor’s pollution liability policy to cover the construction of a new railway bridge, and the other a liability policy to cover a clinical trial with 500 research subjects.
Using our knowledge and market relationships in the Environmental Liability and Lifesciences markets, we obtained terms and presented competitive options for the client. The client was delighted with our quick turnaround times and ability to guide them through the product wordings and coverage.
Following this successful placement, we have had an influx of business from the same reinsurance broker, including multiple large opportunities in casualty and new opportunities in event cancellation, surety and professional indemnity.
Green hydrogen production facility
Miller was recently appointed via tender to act as the broker for the arrangement, rearrangement, placing and administration of insurance policies in connection with the construction and operation of a German based green plant. The construction project was for a 30MW electrolysis plant fed with renewable electricity for the production of green hydrogen, as well as the upgrading of a storage cavern and construction of a hydrogen network for its transport.
Our preparation and keen interest in the project, alongside demonstrated high service levels and technical expertise via our in-house engineering capabilities, were some of the reasons we were appointed onto the project. Furthermore, with the contract governed by German law and jurisdiction, our ability to provide a TOBA (‘Terms of Business Agreement’) in German was of additional benefit. We are now working with a German-based broking partner to secure the domestically required coverages.
Construction project for new hospital
Miller’s construction team was recently appointed alongside a local broking partner for the construction insurance of a major new hospital in a high natural catastrophe exposed part of Europe and with an estimated contract value of EUR 500m.
The domestic broker approached the Lloyd’s Regional Area Manager asking for advice as to which London brokers could assist with this project. Miller was one of the brokers recommended and after several meetings in which we demonstrated our depth of knowledge of both the market and specialist insurance requirements, Miller was appointed to assist with the tender. 26 markets were approached, including several which the competing broker missed.
Finally, Miller and the local broker were selected as the partners of choice. The client advised that the quality of documentation and the expertise demonstrated by our construction.
Owner controlled insurance programmes are also still quite novel in the local broker’s territory and so Miller provided a lot of material and support to showcase the benefits of this approach.
Miller’s parametric team secure earthquake policy for one of the largest US banks
There is ever-increasing interest and demand for this once emerging, but now more mainstream type of insurance. Whilst this example is from North America, it serves to highlight the nature of risks being placed by the Miller Biometrics team.
The insured is one of the largest banks in the US and is ranked in the top 300 of America’s largest public companies. The insured has significant exposure to two large earthquake zones, where they hold significant sums in loans.
The local broker sought our expertise in designing and placing a parametric earthquake structure that would respond in the event of a large magnitude earthquake, with a significant limit. Whilst the bank carries traditional indemnity-based insurance for loss or damage to property and/or mortgage impairment, the effect of a large earthquake in either city would likely cause a backlog of losses that would need to be adjusted and invariably slow claims payment.
A parametric solution guarantees payment within 30 days of a triggering event as no loss adjustment is required and provides the transparency and confidence of a known pay-out amount. Another benefit is that the proceeds of the pay-out can be used for any financial loss at the discretion of the bank.
The number of markets offering capacity for parametric coverages is growing; but so is the popularity among insureds, particularly for natural catastrophe coverages like Earthquake, Named Windstorm, Flood and Wildfire.
As technological improvements in modelling, data and monitoring continue, parametric policies are also able to pick up more complex natural catastrophe exposures like Tornado, Hail and Lightning. We are also seeing more enquiries related to weather (rainfall/snowfall, temperature, irradiation, and soil moisture), as well as loss of attraction and cyber downtime.
