Marine and energy liability exposures are becoming increasingly difficult to assess in isolation. The closure of the Strait of Hormuz earlier this year left approximately 1,150 cargo-carrying vessels stranded in the Persian Gulf, creating simultaneous exposure to hull war, cargo and energy liability claims—risks that have traditionally been handled within separate underwriting teams. Markel International is taking steps to ensure its underwriting structure is prepared for similarly complex situations in the future.
The specialist insurer has appointed Dean Johnson as head of transport and logistics and Rhys O’Neill as head of marine liability within its marine transportation business. Both executives are based in London and will report to Grant Smith, who was appointed director of marine transportation in July.
The appointments represent internal promotions for both executives. Johnson joined Markel in 2025 from Travelers, where he spent 14 years working across transport and logistics underwriting, product development and broker expansion in the London market and internationally. Since joining Markel, he has underwritten risks involving ports, terminals, marine trades, cargo liability and marine professional indemnity on a global basis.
O’Neill has more than 15 years of experience in liability underwriting, having worked across Lloyd’s syndicates and P&I clubs. He joined Markel two years ago as a senior underwriter specialising in marine and energy liability. Since then, he has managed the M&E portfolio and developed into a senior referral point for complex risks.
Risks Spanning Multiple Classes
Markel established its marine transportation business earlier this year to bring its hull and hull war, MECO, marine and energy liability, and transport and logistics classes together under a single leadership structure.
The strategy reflects the interconnected nature of marine risks. When a vessel becomes stranded in a contested or high-risk waterway, the resulting exposure can extend across several insurance classes simultaneously. For brokers, having access to underwriting expertise across these areas within a unified structure can help avoid the need to move between separate teams when assessing complex risks.
Recent events in the Strait of Hormuz have highlighted the issue. The crisis, which began in late February 2026 following US and Israeli strikes on Iran, resulted in simultaneous hull war, cargo and energy liability claims. According to S&P Global data, war-risk premiums in the Persian Gulf increased by approximately ten times compared with pre-conflict levels.
Marine claims costs were already elevated before the conflict. According to Cefor’s 2025 Nordic Marine Insurance Statistics report, marine claims costs per vessel were running 33% above pre-pandemic levels, with machinery damage and fire identified as the primary drivers.
Against this backdrop, Markel’s expanded marine transportation leadership structure brings together expertise across several interconnected areas of risk, reflecting the increasingly complex nature of marine and energy exposures.
