Miller means business
Alongside you, our North America partners, we have had many mutual wins and successes over the past quarter. This article highlights some of our joint success stories to inform and inspire!
Cargo
Hungry capacity has entered the Cargo market - stock throughput cover for a marine technology company
This placement came about through an introduction following a success with another office of the same US retailer.
The insured are moving into a Nordic country to continue with their operations. As part of their proprietary process, they have developed self-sustaining ways to deploy using wood biomass (essentially a byproduct of wood chips).
In an effort to only use natural resources, they’re going to be moving large amounts of this wood biomass from Canada into the Nordic country. Once in situ, the wood biomass will be processed into their propriety designed natural flotation device, before being deployed offshore.
Coverage was required to protect every aspect of this new business model.
Working with some of the new hungry capacity that has entered the cargo market in the last 18 months, utilising the teams’ expertise and market relationships, Miller obtained very competitive terms and tailored solution for a unique operation.
Stock throughput coverage with higher limits at a competitive price point, the Cargo wins keep rolling in!
Miller’s cargo team recently placed stock throughput cover and rolling stock for the insured’s rail cars. The insured is a private oil and gas company focused on maximizing risk-adjusted returns on assets that require efficient development.
The insured ships heavy/waxy crude in rail cars and due to the nature of the product, once it is loaded into the rail car it turns to a solid lump of wax for the trip. It is then warmed at disport in order to be extracted.
With the account growing drastically, the local market was no longer able to offer cover that was adequate for the limit.
There were many facets to the insured’s programme including the rolling stock, which made it particularly challenging for the local market. Not only were Miller able to build a solution for this growing exposure.
Miller successfully placed a programme with higher limits at a competitive price point, resulting in a positive outcome and a happy insured!
We have an existing relationship with the US broker on the energy side, however this was the first win with cargo focused business. Collaboration is key within Miller and communication with other specialist teams is an important part of what we do.
D&O
Professions supercharge vehicle company
A complete London market review by the North American Professions team identified increased capacity and opportunities for placement.
A new client came to us with an enquiry they had received from a US-listed company, that designs, manufactures and sells electronic vehicles and who could not secure higher limits with their current US retail broker.
After a review of the insured's current policy, it was noted the terms and conditions were highly restrictive and that few markets in London had been approached, so we decided to undertake a complete re-marketing project.
To enable a wider exposure of the insured's needs, we hosted several client/insurer meetings in London. These allowed our client and potential insurers time to connect and understand the current issues faced in placing the business and what the London market could better offer.
The events proved highly successful, with insurers ready to offer higher limits and better terms and conditions across the board on limits, premium, retention and coverage. We were able to build the client a new programme of D&O limits.
The placement was a new prospect for both the producing broker and us. What helped us win the business was that we offered an alternative tower with broader coverage, higher limits and better-quality insurance capacity through Lloyd's and the London and Company markets.
Property
Miller successfully placed primary and excess Property coverage for insured after local markets significantly cut back capacity
Miller’s property team recently placed primary and excess property coverage for a manufacturer of candles and home fragrance products. After suffering a total loss last December due to an incident at one of their plants. In fact, their losses exceeded their policy limit!
The insured required coverage this year, and the account was passed to Miller via a US broker. Due to the attention this event received from the mainstream news as this was a well-publicised loss, Miller was required to overcome underwriters existing perception of the account.
Many of the domestic US markets wouldn’t offer terms. However, utilising their experience, specialist knowledge and market relationships, Miller’s property team managed to place primary and excess property coverage, at competitive terms.
A great example of the added value of a specialist Lloyd’s broker to the US market.
Energy
Miller’s upstream energy teams’ experience and expertise key to placing complex risk
Working with the US retail broker, Miller’s upstream team placed Control of Well and Property Damage coverage for one of the largest pureplay, privately-held water midstream management companies’ in North America.
This new win for Miller’s upstream energy team follows a long-term effort that has seen the team target the account for over four years. Relationship building has been a key success factor.
Water midstream, particularly saltwater disposal facilities, is a notoriously difficult part of the upstream book to cover due to risk of lightning strikes. What was key to this win was the team’s experience and expertise in placing this type of complex risk. This success story demonstrates the value for US brokers in working with specialist teams in London, who have the resources and knowledge to bring even the most difficult placements home.
