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In many areas of non-life insurance, such an influx of capacity would rattle nerves and depress rating, but ports underwriters are unruffled. Although rating has softened now and then, there has been no cause for panic. One minute the market hardens, only to fall back swiftly, which should be soothing for port operators when they look over their shoulders at sharply rising premiums elsewhere, for instance in shipowners’ and charterers’ protection and indemnity cover.

Think back to 2002, when the creation of a consortium of five Lloyd’s syndicates led by XL London Market and QBE/Limit, and branded as Wavelength, appeared to challenge the dominance of the TT Club, the mutual insurer that has led the field for so long. Seven years later, both are serving the industry well.

Just over two years ago, newcomer Insure-London, founded by former TT Club executive Niels Aaskov, entered the scene, underwriting on behalf of the highly prudent and successful group Brit, and in 2008 reportedly attracted Hutchison Port Holdings and the property side of DP World. You cannot get much bigger names.

Underwriting on a subscription basis, that is, in the format that has been traditional for 300 years in the Lloyd’s market, is back in fashion. Although part of Wavelength, Limit is reportedly prepared to lead business separately, or participate in coverages with rivals including Travelers, RSA and Navigators. Insure-London has a special facility for Gulf of Mexico ports (a special case because of the windstorm record in the region) on behalf of a selection of carriers.

Yes, brokers are able to secure good deals for their clients. It is little wonder that the latest newcomer, Sam Ignarski’s Full Circle, which has the security backing of Mitsui Sumitomo at Lloyd’s, is taking a cautious approach to accepting business.

While competition is helping the ports sector keep a lid on pricing, external factors could spoil the good run. To date, the insurance industry has appeared relatively free of toxicity, although there may be some nasty bugs under the carpet in the shape of rising directors’ and officers’ claims, implications of the alleged Madoff fund fraud, and miscellaneous massive financial mis-steps.