At Fiducia MGA, we have established ourselves in the specialised insurance market with innovative products and services supporting our broking partners.

With knowledgeable and empowered underwriters who understand the market and changing risk profile, we’ve been able to develop and evolve our underwriting facilities.

In a world where risks are changing constantly and presenting new challenges to Marine Cargo and Fine Art and Specie, this helps ensure the right levels of cover can be provided in a flexible way.

 

Why we developed our reinsurance facility

 

Marine Cargo and Fine Art and Specie face constant risk of loss or damage as they progress throughout the global supply chain.

Factors influencing risks include geopolitical pressures targeting the global supply chain alongside increasingly tenacious and enterprising criminal gangs.

For example, in the US, cargo thefts neared USD $700m in 2023, fuelled by organised crime gangs capitalising on supply chain pressures.

In addition, there is a constant risk of accidental loss or damage due to incidents such as fires. This risk is intensified by larger vessels carrying greater quantities of cargo, presenting a challenge to crew when managing highly combustible cargoes.

The risk of losses and damage also comes from temperature variations for cargoes which require a climate controlled environment when in transit and storage.

Marine Cargo is also at risk of containers being lost at sea, often exacerbated by increasingly frequent freak weather events as was seen with a CMA CGM vessel which recently lost 99 containers in a storm. This came during a period of storms across the South African coast which impacted shipping and cargo.

Ultimately, risk exposures are growing and premiums are increasing. This means it is essential that the facilities are in place to ensure access to proactive and knowledgeable underwriters.

 

What does our reinsurance facility provide?

 

This facility allows us to take on a portion of risk and write up to USD $10m Line of Marine Cargo and Fine Art and Specie risk globally (excluding Europe) on a reinsurance basis.

Through this specialist binder, cover is available on either a facultative basis (FAC) and/or Annual Policies.

Alongside providing cover with leading capacity, the facility also gives our reinsurance broking partners strong service levels.

 

How does it benefit broking partners?

 

Our reinsurance broking partners can benefit from direct access and close, personal support from a team of dedicated, experienced empowered underwriters who are knowledgeable in Marine Cargo and Fine Art and Specie risk.

 

How does it benefit the assured?

 

Reinsurance broker clients can access the cover they need to accommodate greater volumes of risk without significantly increasing costs to themselves.

 

Want to know more?

 

Our reinsurance facility is helping distribute increasing risk exposures faced by Marine Cargo and Fine Art and Specie.

To find out more about our reinsurance facility, discuss your specialised cover requirements or risk management needs, contact Jim Moore on M: +44 751 059 4151 or E: jim@fiduciamga.co.uk; Scot Dowson on T: +44 113 831 4333 or E: scot@fiduciamga.co.uk; James Bavin (for Fine Art & Specie) on M: +44 771 554 7502 or E: james@fiduciamga.co.uk