The Gard insurance group has won the more than 800-vessel hull insurance account of AP Moller-Maersk.
Gard offered better terms than the XL Catlin group at Lloyd’s, which has been lead insurer of the Danish shipping giant’s fleet for many years.
The move is one of the biggest upsets in the hull insurance business for years and comes at a time when the market appears to be on the turn, with premium reductions hard to find amid indications that rates are hardening.
