Diversification into other marine lines has helped some clubs improve underwriting results, but persistent deficits are expected to drive further upward pressure on 2027 renewals.
The broker bolstered its Wellington team with the appointments of industry experts Felix Ukaegbu as general manager and James Earwaker as client director for financial lines.
The former Bupa Asia executive will support continued growth of the broker's people solutions business in Hong Kong, deepen insurer and intermediary relationships, and expand client partnerships.
He joins Lockton after a 15-year stint at Zurich Insurance, where he held various underwriting, portfolio management and executive leadership roles across the UK and Australia.
Asia's commercial space sector is expanding faster than local insurance capacity, leaving operators reliant on overseas reinsurers as orbital congestion emerges as a new underwriting risk.
(Re)in Summary
• Lockton has launched a global Data Centers & Digital Infrastructure Practice, led by James Nelson in the US and Sam Baker in the UK• Products span construction and property...
