Marine underwriting agency enters Australian market
Marine underwriting agency enters Australian market | Insurance Business Australia
Marine
Marine underwriting agency enters Australian market
Leadership team and initial offerings revealed
Marine
By
Roxanne Libatique
Rhodian Group, an incubator of underwriting agencies in Australia, has announced the launch of its third agency, Marinex Underwriting.
Backed by global specialty insurance distributor Amwins, Marinex is a shared equity marine underwriting agency co-founded by national relationship manager Janelle Karnib (pictured, left) CEO Chris Kelly (pictured, middle), and Ainsley Smith (pictured, right).
The new agency aims to address complex marine insurance needs across the Australian market.
Marinex Underwriting products
Marinex will initially offer four key products:
Cargo
Carriers
Commercial Hull
Marine Liability
Additional products are expected to be introduced in the near future as the agency seeks to expand its market presence.
The new venture is part of Rhodian’s strategy to create specialised agencies within niche sectors.
Simon Lightbody, CEO of Rhodian Group, described the launch of Marinex as a strategic move to broaden Rhodian’s reach in the specialty insurance sector.
“The addition of Marinex to the Rhodian Network marks an exciting step forward in our mission to offer unparalleled underwriting expertise across multiple sectors,” he said.
He added that the leadership team boosts Marinex’s ability to provide significant value to brokers and their clients.
“As we continue to expand the Rhodian Network, the launch of Marinex reinforces our dedication to fostering strong, strategic partnerships,” Lightbody said.
Marinex Underwriting’s goals
According to Kelly, Marinex will focus on providing expert solutions to broker clients.
“Understanding the complexities of marine insurance, we know the importance of having a trusted partner with specialised expertise,” he said.
With the baking of Lloyd’s and Canopius – and support from the Rhodian network – Marinex aims to deliver solutions that meet the evolving needs of brokers and their clients.
“Our goal is to quickly establish Marinex as the go-to marine underwriting agency in Australia, delivering unparalleled service and innovative solutions that address the evolving needs of our clients,” Smith said.
Karnib emphasised Marinex’s focus on broker relationships, with the company structure designed to prioritise broker service.
“Our commitment to broker service has not only shaped our business structure, but also created the backbone of our culture as an agency. We look forward to setting new standards in Marine Underwriting excellence,” she said.
Rhodian’s model focuses on developing independent underwriting agencies by providing access to shared resources, expertise, and support. Marinex is expected to contribute to the growing demand for specialised marine insurance products in Australia.
The International Union of Marine Insurance (IUMI) recently reported that global marine insurance premiums increased by 5.9% in 2023, reaching US$38.9 billion. The growth was recorded across all major sectors, including cargo, offshore energy, and ocean hull.
Cargo insurance made up the largest share of global premiums at 56.9%, followed by ocean hull at 23.6%, offshore energy at 11.9%, and marine liability at 7.7%. Europe continued to dominate the market with a 48.5% share, while Asia-Pacific held 28.1%.
According to Jun Lin, chair of IUMI’s facts and figures committee, 2023 was a strong year for marine insurers, with premiums rising due to increased trade volumes and higher values of vessels and offshore energy assets. He noted that while challenges remain, the sector is well-positioned for continued growth.
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