As the UK’s collective shame grows over the unedifying shambles that is the ongoing Brexit process, one relief amid the seemingly endless rehashes of a deal that never concludes is the lack of mealy-mouthed rhetoric about Britain’s ‘special relationship’ with the US.
So it seems that the Standard Club has abandoned plans to parlay business from its now-defunct Standard Syndicate 1884 into an MGA. The shipowners’ mutual had apparently been considering the option of continuing to underwrite specialty business on a delegated authority basis, with backing from an unnamed company market carrier.
While underwriters and brokers alike are understandably cautious about talking up the direct and facultative (D&F) and specialty markets ahead of 1 April renewals, all indications are that there are likely to be rate rises across the piece.
As the UK gets into the swing of Autumn, with the chilly temperatures and regular rainfall more typical of November than preceding weeks might have suggested, spare a thought for those in warmer climes.
While, as one commentator noted about the current upheaval over Lloyd’s business plans, it’s a “febrile time” in the London market, it could also be considered to be a fertile time for the direct and facultative (D&F) space.