The Australian marine insurance landscape has welcomed a new entrant with the launch of Marinex Underwriting.
This agency, backed by global specialty insurance distributor Amwins, is the third venture incubated by the Rhodian Group, a company dedicated to developing specialised underwriting agencies in Australia.
Marinex Underwriting is co-founded by CEO Chris Kelly, National Relationship Manager Janelle Karnib, and Ainsley Smith. The agency's primary focus is to provide tailored solutions for complex marine insurance requirements across the Australian market. Initially, Marinex will offer four key products: Cargo, Carriers, Commercial Hull, and Marine Liability. Plans are in place to expand this portfolio to meet the evolving needs of brokers and their clients.
Simon Lightbody, CEO of Rhodian Group, highlighted the strategic significance of Marinex's launch, stating that it marks an exciting step forward in their mission to offer unparalleled underwriting expertise across multiple sectors. He emphasised that the leadership team's expertise enhances Marinex's ability to deliver significant value to brokers and their clients.
Chris Kelly, CEO of Marinex, underscored the agency's commitment to providing expert solutions to broker clients. He noted that understanding the complexities of marine insurance is crucial, and having a trusted partner with specialised expertise is essential. With the backing of Lloyd's and Canopius, and support from the Rhodian network, Marinex aims to deliver solutions that meet the evolving needs of brokers and their clients.
National Relationship Manager Janelle Karnib emphasised Marinex's focus on broker relationships, stating that the company's structure is designed to prioritise broker service. She highlighted that their commitment to broker service has not only shaped their business structure but also created the backbone of their culture as an agency. They look forward to setting new standards in marine underwriting excellence.
The launch of Marinex Underwriting comes at a time when the global marine insurance industry is experiencing sustained growth. The International Union of Marine Insurance (IUMI) reported a 5.9% increase in global marine insurance premiums in 2023, reaching US$38.9 billion. This growth was observed across all major sectors, including cargo, offshore energy, and ocean hull. Europe continues to dominate the market with a 48.5% share, while the Asia-Pacific region holds 28.1%.
For Australian boat owners and marine businesses, the entry of Marinex Underwriting into the market signifies increased access to specialised insurance products tailored to their unique needs. This development is particularly relevant for those seeking comprehensive coverage options that address the complexities inherent in marine operations.
