Lloyd’s (re)insurer Ark has hired marine market expert Richard Lurcott, re-Insurance.com can reveal.
Hull underwriter Lurcott was let go by MS Amlin after 28 years with the carrier in March.
His departure was part of a broader reduction in headcount at MS Amlin after the blue-chip Lloyd’s (re)insurer stumbled to a near £500mn loss in 2017, the second worst single-syndicate result in Lloyd’s 330-year history.
It was acquired by Japanese insurer MS&AD two years earlier for $5.3bn, a high watermark valuation of around 2.4x price-to-book.
In his new role Lurcott will work closely with senior Ark marine underwriter Peter McIntosh.
He will join Ark in early September once his notice period is complete.
“We are delighted that Richard will be joining Ark later this year,” Ian Beaton, CEO of Ark told this publication.
“He will work closely with Peter McIntosh in buttressing and managing Ark’s marine hull business which has been a traditionally successful account for Ark,” Beaton added.
Syndicate 4020 hull team writes fleet business and specialised tonnage, some vessel construction, marine property and marine war business.
The syndicate focuses on small-to-medium-sized fleets, specialised craft and short sea vessels.
Marine hull is one of seven underwriting classes which Lloyd’s has effectively placed into “special measures”, obliging managing agents to demonstrate how they can underwrite it profitably.