Joint success stories to inspire
Alongside our partners, we have worked together on many joint wins and successes over the past quarter. This article highlights some of the key success stories.
Energy, Cargo, Professional Risks, Terrorism, Accident & Health; and Marine, Energy & Transport Liabilities (METL)
A North American client seeks assistance from Miller for an insured’s European refinery acquisition across multiple lines with short turnaround.
A US retailer engaged Miller to assist them with multiple lines of business required to complete financial close for their client on a 68,000 bbl/day European refinery acquisition from one of the major international oil companies. The asset was previously insured within a captive and so detailed risk engineering was sparse.
Members from the Energy, Cargo, Professional Risks, Terrorism, Accident & Health; and Marine, Energy & Transport Liabilities (METL) teams all came together to assist the client in reviewing and advising on the contractual requirements associated with completing the acquisition. For the property placement, Miller’s in-house Oil & Gas Process Safety engineer was instrumental in liaising with underwriter’s engineers to provide EMLs and comfort due to the lack of risk surveys. The METL team did a fantastic job of combining the Marine and Energy Liability placements to significantly reduce overall cost.
Multiple lines of coverage were bound on an extremely tight timeframe, with large limits of coverage for property, casualty, stock throughput, terrorism, directors & officers, and environmental impairment whilst coming in under original budgets.
Marine
Miller’s marine team placed coverage for research vessel within two days of receiving instructions from client.
The client needed urgent coverage for an upcoming project.
A US University operates a research vessel that undergoes various projects throughout the year, and excitingly Miller has recently placed Hull and Machinery coverage for the vessel.
Miller worked with a US broker on the placement after the US producer ran out of capacity in their domestic market. All the more challenging as the insured needed coverage placed within a couple of days.
Miller’s marine team were able to not only complete the placement within the two-day timeline, but also managed to get better lead terms.
Miller’s quick response and turnaround was crucial to the success of this placement, which was of urgent importance to the insured.
A great example of the speed at which Miller’s Marine team can achieve results for clients, working with US brokers.
Marine Transport Liability
Utilising one of our facilities, Miller placed umbrella P&I and ancillary coverages for a luxury American cruise company, ticking off all coverages on the client’s wish list.
Working with the same US producer as in the story above, Miller placed a significant umbrella for P&I and ancillary coverages for a luxury American cruise company.
The business was won due to the insured’s previous domestic insurer non-renewing the account, and the incumbent broker not managing to replicate coverage or pricing in the domestic market. We were competing with other London market brokers as well as fixed premium P&I clubs.
The submission came into our Marine Hull team and utilising our in-house specialists, it was sent onto the Marine Transport Liability Team, who engaged their colleagues in the Miller P&I team to discuss the risk and gage the exposure against other P&I clients. As Miller are the market leaders in P&I they provided valuable insight into the strengths and exposures of this operation, compared with other similar operations.
We worked on a tight deadline and managed to turn around a competitive quote for the full excess layer in a distressed product class. Utilising one of our facilities to provide a fully supported quote within 48 hours of receiving submission, with all coverages on the client’s wish list. Our paired understanding of the US Umbrella market and our expertise in P&I, helped us in conducting strong negotiations with underwriters as well as demonstrating our expertise to the client.
Cargo
Overcoming exceptionally competitive local market terms, Miller’s Cargo team successfully placed cover for client.
Working for a US broker, Miller’s Cargo team placed Primary Cargo Stock Throughput and Excess Stock for a global alternative investment management firm.
When the account came through, the US broker was placing the primary for this account in the Dutch market, with a small share to London via a London based insurance broker. Two of the Dutch markets were non-renewing and the US broker was tight on time.
Miller was engaged to place the remainder of the order into the London market, sourcing capacity not used / approached by the previous London broker, and also working with the incumbent London insurer to increase their share to bridge the gap.
This was challenging for several reasons:
- The local market terms were exceptionally competitive
- The London broker had already marketed
- The local market wording for challenging coverages such as Misappropriation is substantially broader than that offered in London, and information was limited.
Subsequent to that, Miller received the BoR to place the Excess renewal. Terms for which were as expiring with no premium increase.
A successful outcome for all given the challenges involved.
Property
Miller’s Property & Casualty team placed coverage for famous landmark in Canada.
Working with a Canadian broker, Miller’s P&C team placed cover for a famous Canadian landmark.
Unhappy with the service they had received from another broker, who were using a facility that had fallen by the wayside, the intermediary asked if Miller could help to secure coverage for their client.
Over the course of several weeks, Miller’s North American Property team worked hard to create a new programme utilising the expiring leader, coupled with additional markets in a new structure to secure the coverage needed alongside a bespoke wording.
Additionally, the team were able to secure coverage with only a single digit rate increase.
Communication was key during this time, with the team providing regular updates by WebEx to the Canadian broker, as a combined programme utilising both Canadian and London markets was gradually put together.
The result was positive for all parties.
