Marsh has expanded its maritime advisory capabilities to support maritime financiers in managing the risks associated with providing loans and funding to the global shipping industry.
Based in London and operating independently of Marsh’s Global Marine Practice, Marsh Maritime Advisory provides pre/post drawdown and transactional insurance services, as well as crisis management advice, to the global maritime finance community, including alternative investment companies and banks.
Alec Morten joins Marsh from Aon BankAssure, and has over 30 years’ experience in the global marine insurance industry. Specialising in maritime finance, Mr Morten acts as a senior adviser to Marsh’s clients, providing guidance on key risks such as mortgage financing, asset-backed protection and crisis management. He joined Marsh on 7 October.
Marcus Baker, chairman of Marsh’s Global Marine Practice, commented: “Traditional lenders such as banks are increasingly risk-averse towards maritime finance investments in the wake of a string of defaults, volatile market conditions and continued political instability. This has created an opportunity for new entrants, such as alternative investment companies, to bring their experience to the market and grow their maritime portfolios.
“The expansion of Marsh Maritime Advisory gives maritime financiers the opportunity to work with a strategic adviser of sufficient size and experience in this multi-million dollar specialised sector to assist with their requirements.
“Alec Morten has earned a long-standing reputation in the global maritime finance industry as a strong client advocate that has an incisive understanding of the risk issues his clients face and delivers innovative insurance advice as a result. I’m delighted to welcome Alec to Marsh.”