The Insurer

Over the years, underwriters at Lime Street have competed for the attention of the large ports and terminals groups, notably via Wavelength, a consortium of many of the leading syndicates in the market. Now, the message to port directors and their insurance brokers is that “small” can be beautifully accommodated at Lloyd’s too.

“Wavelength has attracted the more catastrophe-exposed assureds,” Catherine Mulvihill of Charles Taylor Consulting tells Port Strategy. “Equally, there is interest in the smaller or medium sized operators in non-catastrophe areas, whose brokers may not have introduced them to the concept of Wavelength. The facility will certainly consider these risks.”

Charles Taylor provides the management and claims back-up for Wavelength, to a degree that it directly competes with other commercial providers, and with the mutual TT Club. It can replicate any add-on servicing, in the manner admittedly pioneered by marine mutuals.

In a sign of continuing confidence, Wavelength carriers have just concluded, at a relatively early stage in the insurance year, an agreement to continue the format into 2010. There are now nine underwriting syndicates forming Wavelength, albeit only the two leading syndicates are required to quote and accept risks on behalf of the consortium. Hard to imagine these days that it was an insurance capacity crunch in 2001 which led to the formation of Wavelength.

Renewal of the facility is confirmation that Wavelength has built up a portfolio of loyal clients, but just because its leaders are major insurers XL and QBE,that does not mean they confine themselves to the giant ports which need larger limits of cover.

Backed by 100% Lloyd’s security, and the stable record in the sector of the individual underwriters, the play for ports of all sizes is buoyed by access to the 37 offices around the world of the Charles Taylor group, which has nearly 1,000 employees. These offices are the first port of call for claims handling. With Charles Taylor fielding such a broad range of services, much of the needed expertise can often be drawn from within the group. Listed on the London stock exchange, Charles Taylor has just made a further stride on its expansion path, taking over Axiom, which specialises in giving insurance support services to Lloyd’s and the London market.