Miller’s knowledge and experience crucial as we place coverage with new esports organisation

Following a referral from a London based legal firm, Miller placed an Event Cancellation policy for one of the world’s most popular esports games via their newly created esports organisation (which will manage the new ‘league’). The insured is based in the US and an on the ground specialist intermediary was required. We were able to identify the suitable intermediary.

Tournaments like these see professional teams from around the world compete for prize funds of over USD1 million, with over 1.8 million people tuning into watch one of the most recent tournament finals. The growth of these tournaments is exponential.

The insured was new to the world of insurance and required guidance on the lines of coverage it needed to consider. In fact, the organisation had no insurance in place when we introduced them to the US broker! 

Miller’s ability to introduce a fit-for-purpose broker on the ground in the US was crucial to winning this business. The US broker helped walk the insured through the basic coverage they would need and also helped us to place the Event Cancellation policy.

Miller’s knowledge and experience was critical in securing this business and successfully placing the coverage needed.

Esports is an ‘ecosystem’ forecasted to generate revenues of over USD1.5bn by 2023 – to find out more contact our team.

Directors’ & Officers’ liability team leverage long standing market relationships to achieve significant win 

STOP PRESS – Miller D&O team named Number 1 in London (Insurance Insider 2021)

Miller recently placed much needed coverage for a US-based containership owner, including ‘ABC’ D&O coverage which covers the company, the individual directors and their securities exposures, and an extra cover of ‘A’ Side DIC for individual directors on top (which provides coverage for directors in situations when they are not indemnified by the organisation).

The Insured wanted to maintain their limit purchase in a hardening market. We leveraged our existing long standing market relationships to bring on new carriers to guarantee the capacity needed and to keep the price at a manageable level. Miller’s team also introduced new markets previously not approached by the outgoing broker, to provide options to the Insured.

We secured this new business whilst working through a local retailer who specifically approached us because of our expertise in this area.

Miller’s D&O team is known for having significant success with large US publicly traded companies. This allowed us to step-in and act as a safe pair of hands and trusted communicator, producing a successful outcome for the Insured. 

Property team overcome change in domestic market appetite to place coverage for Water Works Board 

Miller places the Property coverage for a Water Works Board, which is made more complex by the fact the Insured requires coverage for two dams, both built many years ago. This is a long running account for Miller’s Property team; last year, we placed a Primary layer, with excess of that provided by one domestic carrier. 

This year, the domestic incumbent carrier would only attach at a significantly higher attachment point with no other domestic carriers seemingly willing or able to provide terms.

With the help of Lloyd’s, European markets and one London Company market in particular (who gave us significant capacity across three layers), our Property team were able to fill in the gap created by the incumbent attaching higher up the placement.

The retailer was delighted with Miller’s work on this placement:
“This was an extraordinarily difficult renewal, for which your work was also extraordinary. I am very grateful to have you as our partner, and very much appreciate the hard work & diligence put forth to arrive at the best possible solution, amidst very difficult conditions.”

Working alongside the insurance partner, our Property team overcame the challenges faced. 

Strategic marketing key to Cargo team winning US Trader

Working with a US broker, Miller recently placed a Stock Throughput policy for US-based metal trader.  

The Insured specialises in trading metals globally. Miller were approached to obtain alternative terms after the domestic broker received disappointing renewal terms from the incumbent carriers. 

Despite working with a reduced available market, due to a number of insurers participating on the expiring programme, Miller was able to provide a more comprehensive structure and maintain flat pricing (despite the incumbent market requiring a 15% increase). In addition, due to the nature of the Insured’s operation, Miller also arranged a smooth and timely transition in certificate issuance.

This highlights the benefits offered by adopting a bespoke approach and strategic marketing, rather than off-the-shelf solutions and not always relying on expiring carriers to offer the most competitive terms. 

CPRI team work against the clock to place major oil and gas account

Miller’s CPRI team recently placed Non-Payment Insurance for one of North America’s largest oil & gas producers, covering default by a large Chinese oil trader for sales of oil products by the Insured.

We were introduced to the Insured through Miller’s long-standing relationship with a US broker. Neither the Insured nor the US broker had prior experience of buying Non-Payment Insurance from the London/ European Structured Credit Market. 

This was not a straightforward transaction, given the US broker already had terms from the domestic Trade Credit market, so we were working against the clock to provide a competitive alternative. Utilising our market relationship, we were able at short notice, to put together 15 insurers to meet the Insured, to present their business and show the capabilities of the Structured Credit Market. The US broker had initial ‘off the shelf’ terms through the Trade Credit Market in the US, but we were able to demonstrate to both the Insured and the US broker that the Structured Credit Market in London, and the Non-Payment Insurance product, was far superior in terms of breadth of cover and price. 

Fraught US/China relations also made the broking tougher, but we were able to demonstrate the Insured’s strong trading performance with the Chinese trader and ultimately made insurers comfortable. With Non-Payment Insurance being a new cover to the Insured, we worked with their Legal team on a wording from scratch and through somewhat protracted negotiations with insurers, were able to secure an extremely competitive form.