US-headquartered Lockton, the world’s largest privately owned global insurance broker, addressed many P&I club representatives in Genoa today, revealing plans in the shipping industry following the takeover of PL Ferrari completed last February.
“We want to be a significant player in all key marine markets,” highlighted Mike Hammond, ceo of Lockton International Holdings. “Once into a market, we are focused on the long term. As for the time scale this is for our company a long-term project and the emphasis is on getting it right. If it takes time, then we have the time.”
With the P&I broker specialist PL Ferrari onboard, Lockton significantly increased its market share in the shipping industry in one fell swoop: marine P&I premiums passed from $27.2m (2015) to $340m, gross tonnage from 9m gt to 109m gt, mutual premiums from $20m to $272m and mutual gross tonnage from 7m to 88 m.
“Lockton’s next steps in the marine business will be primarily focused on realizing our P&I offering, even if other marine lines will be essential in order to offer holistic solutions to our clients” said Hammond, adding: “Further expansion of our network will depend on the business needs.”
As for the main challenges the company will have to face in the coming years, Lockton’s top manager spoke about the shipping downturn, uncertainty around Brexit impact and emerging marine market challenges.
PL Ferrari is a well known brand in the shipping industry and will probably be preserved but coordinated with the other Lockton companies.