Sean Dalton, head of marine underwriting at Munich Re North America, believes his department’s good health — at a time when other marine insurers are struggling — is simply down to good management.

He added there was no magic cure for the industry’s woes, which he attributed in part to the commoditisation of specialty lines, but that the industry needed to get back to good underwriting.

“There has been a feeling that one event could lift the business, but I don’t subscribe to that view anymore.