As the property-casualty industry goes, so goes the ocean marine market, according to professionals within the segment who note that the overall softening commercial market is prompting carriers from other lines to cast their net into the marine sector, boosting capacity and driving down prices.
Nigel Fitzgerald, North American marine manager for Liberty International Underwriters, said of the ocean marine segment, “I think it's relatively aligned to the general [market] cycle.”
He added that “we're like many of the other segments that have seen an influx of capital during the last 12 months in particular. [The capital is] coming in via new operations opening up and/or existing carriers increasing their risk appetite and diverting into new segments that maybe they previously had not entertained in the past.”
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