Tokio Marine HCC International has acquired shipping, power and energy specialist MGA and Lloyd’s coverholder, Lavaretus Underwriting.

With a presence in Finland, Sweden, Denmark and the United Kingdom, Lavaretus underwrites a range of niche, specialist products for the construction, operational and business interruption risks associated with static floating industrial solutions. These products encompass power generation, battery storage, regasification, desalination and data storage, whether ship or barge based.

TMHCCI has served as the lead insurance provider to Lavaretus since its establishment in 2010. The two teams, currently part of Marsh Specialty UK, are expected to be integrated into TMHCCI’s existing in-house marine team upon completion of the transition in Q2 2024.

Simon Shrimpton, head of marine at TMHCCI said: “We have been lead capacity provider to Lavaretus for a number of years, so we know its profitable book, discerning risk appetite and – most importantly – its team very well. There is a natural synergy between our business and theirs, so when the opportunity arose to bring them fully into the TMHCCI fold, it made perfect sense. Our shared expertise, combined footprints and distribution networks will make for a formidable marine offering in London and beyond. I thoroughly look forward to officially welcoming the transferring employees to the TMHCCI family.”

Dominic Samengo-Turner, chief executive at Marsh Specialty UK added: “Lavaretus is a great brand that we have built over more than 10 years. The future success of Lavaretus is dependent on creating the best solutions for its clients. It has become apparent that taking Lavaretus to the next level will be achieved more easily under the umbrella of a strong independent insurer, which we have found in TMHCCI.”

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