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Marine

The Marine market is as positive as we have seen it in a long time and Convex Marine have been lucky enough to time our entrance into the Marine insurance market at just the right time in order to support our clients. Increased demand and supplychain issues post the pandemic has had a knock on effect on vessel demand and all related services.

Introduction

Shipowners, ports and all associated with worldwide trade have seen an improvement in returns and consequent rise in asset values. Convex have the underwriters and the capacity required to respond to these new challenges in the Marine industry and is optimistic that the good times will continue as we grow in partnership with our clients.

We use our data-driven, legacy-free approach to write fair and honest insurance for Marine clients facing these and other complex risks.

We offer insurance in four areas: Marine Hull and Machinery, Marine Liability, Cargo and Specie. Our particular focus is on atypical Marine risks, including project cargo, specialist craft / builder’s risk and Trade Disruption insurance. With many decades of combined experience in these complex areas, and access to almost real-time data, we can give you a specialist and client-centred service.

For general questions feel free to ask the team directly via email at their team inbox.

Marine Hull: [email protected]

Marine Liability: [email protected]

Marine Cargo: [email protected]

 

John Potter

Head of Marine

I worked in Marine insurance for 17 years before joining Convex. One of the reasons why I came here was to create something that’s data-led and applies technology intelligently. We’re using our lack of legacy liabilities or systems to do it before our competitors.

Our overall approach is both dynamic and by the book. I graduated from Cranfield in 2021 with an Executive MBA and almost everything the board has done here at Convex has been textbook business practice – from holiday allocation to feedback loops. It’s also part of the culture to comment if something isn’t working.

It’s exciting to be part of Convex. We started with a blank sheet of paper, have the best specialists in the business and are using data to make better decisions. All of this gives us a tremendous advantage over legacy competitors.

Who we work with

We focus on organisations that are either globally recognised and respected, leaders in their fields, providers of specialist products and services or niche players. We have the expertise to help clients with their most complex Marine insurance needs, including project cargo, specialist craft and builder’s risk.

We’re also keen to be different from traditional Marine insurers. That means we want to work with clients who are serious about risk management and about partnering with the right carrier. Inevitably, we’ll attract clients who like the way we do things and how we’re set up. They also want to partner with us if we’re an ethical and cultural fit – for example, they’re comfortable working with a paperless business.

How we work

We have a team of exceptional people and a flat structure that encourages new ideas.

That means we don’t rule out areas of insurance just because they’re difficult or potentially unprofitable. Instead, we test our hypotheses against almost real-time data. This allows us to confirm our instincts and see how a risk compares to other, similar ones. We can then price risks more accurately, and offer clients a full spectrum of Marine cover.

Essentially, our access to data helps us make better, faster decisions at every stage of the underwriting process. It also allows us to work from ‘clean’ data and decide now how we want to use it in the future. For example, we’re changing the basis of our underwriting decisions on Hull and Machinery insurance from what the asset is to how it behaves. This gives clients a better product and increases our chance of being profitable in a challenging market.

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