Southern Marine launches new admitted marine ocean cargo program

By Chris Munro

April 9 - (The Insurer) - Starwind Specialty’s marine-focused MGA Southern Marine has made its first admitted market play with the launch of a marine ocean cargo program.

The new program went live on April 1, offering clients ocean cargo, stock throughput and excess stock capacity with a $20 million limit per conveyance and per location, including coverage for catastrophe perils.

Southern Marine’s new ocean cargo admitted program is written on unnamed AM Best A rated paper.

The nascent offering’s appetite includes manufacturing, technology, energy, aerospace, construction, healthcare, fashion, food and beverage and mining, among other lines.

Southern Marine said launch of the new admitted facility comes at “a critical time”, with pressure mounting on catastrophe capacity.

The MGU has historically written E&S products, and Southern Marine said the new admitted offering enhances its existing surplus lines offerings.

“This new facility further broadens our offerings and adds another level of flexibility to our business,” said Graham Jenks, Southern Marine’s president.

“For the first time, we can provide our brokers and clients with admitted capacity, which translates to cost savings and stronger consumer protections.

“We are committed to continuously expanding our capabilities and delivering solutions that evolve with our clients' needs,” Jenks added.

Southern Marine has been in operation for 80 years. The MGU, which sits within CRC Group’s underwriting division Starwind Specialty, writes a range of bulk liquid cargo and storage, general cargo and stock throughput coverages.

Launch of the new admitted product comes after Southern Marine increased cargo and stock throughput binding authority for bulk liquids, including oil, gas, petrochemicals and renewables, to $225 million from the previous $200 million at January 1.

The increase was supported through extended relationships with several Lloyd’s of London syndicates.