Miller recently renewed property damage coverage for a coal power station in Western Australia, which provides steam and power for an aluminium refinery.
Back in 2014 we were involved with the account through our Singapore office. Since 2016, following an extremely large loss, Miller’s London office has led and controlled the majority of the direct programme.
Outperforming others
Over the years the London market has consistently proved more competitive than the Australian domestic markets. The domestic retail broker who produce this account have their own London wholesale broker, but with Miller's superior power utility capabilities, we have remained the client’s broker of choice.
Rising to market challenges
Despite losing a significant amount of capacity due to markets withdrawing from coal and others from the power utility sector, as well as a 10% market rate increase, we have kept the client’s rate increase to under 1% (on a composite basis) and increased the order to London.
Outside of the main direct placement there are a number of supporting placements with the facultative reinsurance team that were facilitated by this win.