Marsh UK has announced the renewal of its dedicated maritime, freight and logistics facility Slipstream, with Markel as primary insurer.
“As the industry continues to face volatility due to chokepoints on multiple trade routes, Slipstream is offering 20% of Lloyd’s capacity with a 2.5% placement discount,” said Jay Payne, chief executive of maritime, freight and logistics at Marsh UK.
As global trade routes face unprecedented disruption due to ongoing security concerns in the Red Sea (Suez Canal) or climate-driven drought affecting the Panama Canal, insurance markets typically respond with spikes in premiums and falling risk appetite.
By renewing Slipstream, Marsh and Markel commit to providing consistent and competitively priced underwriting services despite these global “bottlenecks.”
The facility is designed to streamline the underwriting process for eligible reinsurers/insureds through a range of features, including a 20% fast track capability.
This capability is programmed against Marsh’s pre-agreed arrangements, expediting the placement process, allowing for faster coverage of rapidly changing markets.
Other key benefits include following form capacity, which means that for eligible reinsured/insured persons, the facility will follow the terms and conditions set by the overall leader.
Regarding claims settlement, the agency’s insurers will follow the overall primary insurer’s claims settlement under the Lloyd’s Claims Scheme, which is to maintain efficiency during the loss period.