Insurance broker Miller says the marine insurance sector is finally “off the naughty step” at Lloyd’s of London after returning to profitability.

Marine insurance was one of eight unprofitable sectors warned by Lloyd’s management to shape up or ship out when it launched its Decile 10 programme in 2018.

A series of natural catastrophe claims had brought a deterioration in Lloyd’s underwriting results and its managers were keen to reduce capacity in unprofitable sectors.