A Message from Ocean Marine's President
Thank you for a great 2023! With your continued support we reached a new premium record, nearly $200m, with growth in all regions and in every product line. The biggest year-over-year growth was in Ocean Cargo with leadership from Dave Fowler, Product Line Manager, and Business Developers, Keith Blair (East) and Jason Olsen (West). Our expanded relationship with Falvey Insurance Group also contributed to our growth in Cargo and vessel Pollution.
Fortunately, no major hurricanes hit the US in 2023, so I expect that industry results will improve following the challenging 2022 with hurricane Ian. Marine Treaty renewals (1/1/24) were also a lot more reasonable compared to the prior year.
Looking ahead to 2024, the Federal Reserve is expected to reduce interest rates in an effort to bring the economy to a ‘soft landing’, geopolitical tensions are affecting global supply chains and the unknowns of an election year will surely affect the financial markets.
Great American continues to offer A+ security (per AM Best and S&P), a stable appetite and ample capacity to support you and your clients.
Enjoy the newsletter and make sure to check out our “Great Wins” section to see the types of accounts and coverage examples we are growing in.
As always, thank you for your support of Great American and for All the Great You Do!