Reinsurance News
marine cargo
Safety concerns not insurance availability halting Strait of Hormuz, LMA clarifies
26th March 2026
Reduced vessel traffic in the Strait of Hormuz is not because of insurance availability, but because of safety concerns, the Lloyd’s Market Association (LMA) has clarified in a recent statement. The LMA stated: “Three weeks since the start of the hostilities in the Middle East, we are still seeing reports that ... Read the full article
U.S. DFC to reinsure maritime losses in the Gulf of up to $20bn on a rolling basis
9th March 2026
The United States (U.S.) International Development Finance Corporation (DFC) and the U.S. Treasury have unveiled a plan to deploy Maritime reinsurance, including war risk, in the Gulf region, which has been approved by President Trump. This new agreement was announced by Ben Black, Chief Executive Officer (CEO) of DFC, and Scott ... Read the full article
Marine hull insurance rates in the Gulf could rise 50% due to Iran conflict: Marsh
2nd March 2026
According to Dylan Mortimer, Marine Hull UK War Leader, Marsh, there could be near-term rate increases for the Marine Hull line of business in the Gulf of 25-50%, while other reports reveal that some underwriters have reacted swiftly and cancelled certain annual hull war policies under standard 7-day war clauses. On ... Read the full article
Distinguished expands specialty offerings with new Marine Cargo programme
3rd February 2026
Distinguished Programs, a national MGA and insurance programmes manager, is broadening its specialty footprint with the launch of a Marine Cargo programme led by veteran executive Ralph Salce. The new initiative will offer a full suite of marine cargo solutions, with available coverage addressing global transit exposures, stock throughput arrangements, and ... Read the full article
DUAL launches cargo insurance in Europe led by Chris Wittoeck
12th September 2025
DUAL Europe has launched its cargo insurance business, effective September 1st, 2025, led by Chris Wittoeck as Head of Cargo, marking the strategic expansion of the firm's marine proposition following the successful rollout of its Marine hub in September 2023. Wittoeck brings over 25 years of experience in marine cargo underwriting. ... Read the full article
TMHCCI appoints Rebecca Eagles as Senior Underwriter, Marine Cargo
20th March 2025
Tokio Marine HCC International (TMHCCI), a subsidiary of the Tokio Marine HCC group of companies, has announced the appointment of Rebecca Eagles as Senior Underwriter – Marine Cargo. In her new role, Eagles will drive marine underwriting projects and support the growth of TMHCCI’s cargo business. She joins the Marine Cargo ... Read the full article
Morningstar DBRS estimates up to $300m insured loss from North Sea oil tanker collision
12th March 2025
Morningstar DBRS, a credit ratings agency, estimates that total insured losses from the 10 February 2025 collision between the MV Solong and MV Stena Immaculate could range from $100 million to $300 million, following significant damage, a fire, and a fuel spill in the North Sea. While most of the crew ... Read the full article
IQUW launches Ports and Terminals offering led by Ali Welchman
18th February 2025
Specialty and property re/insurer IQUW has launched a Ports and Terminals product, expanding its Marine insurance segment and reinforcing its business position. The new team, under the leadership of Ali Welchman, aims to help brokers and clients manage their risks with coverage for physical loss, damage to marine property and cargo ... Read the full article
Sompo expands UK presence with marine insurance proposition
26th September 2024
Sompo, a global provider of commercial and consumer property and casualty re/insurance, has launched a new national marine insurance proposition for the United Kingdom. This new policy will allow the insurer, for the first time, to write Marine Cargo, and Transport & Logistics policies across the regions, in addition to London. Aimed ... Read the full article
Risk assessments could help reduce claims for Asian marine businesses: QBE
3rd July 2024
By conducting risk assessments insurers can help businesses in the Asian marine industry to understand their existing operations and ways in which they can reduce claims as they navigate a sector full of challenges, QBE analysts state. The marine sector has a significant presence in Asia. In 2023, it contributed a ... Read the full article
Scott Sykes to lead Amphitrite’s newly launched cargo division
18th June 2024
Amphitrite Underwriting London, a marine specialist managing general agent (MGA), has announced the appointment of Scott Sykes as Head of its newly formed Cargo Division, which has recently secured capacity from Lloyd’s. Sykes, who has over 35 years of experience in Lloyd’s and international markets. He spent the last 14 years ... Read the full article
Great American collaborates with APU to enhance its marine cargo program
4th June 2024
Great American Insurance Group’s Ocean Marine division has partnered with Amwins Program Underwriters (APU), part of Amwins’ Underwriting division, to provide comprehensive coverage solutions through its marine cargo and stock throughput program. According to Great American, the relationship with APU will additionally provide it with access to new distribution and revenue ... Read the full article
Sentry expands into marine cargo with Falvey Insurance Group partnership
3rd June 2024
Sentry Insurance, one of the largest mutual insurance groups in the United States, has partnered with Falvey Insurance Group to offer admitted and non-admitted cargo capacity to Falvey’s broker partners. Falvey is a niche leading managing general agent (MGA) offering several property and casualty solutions focused on the supply chain and ... Read the full article
Insurance premium volumes could fall due to Middle East tension: OAC
22nd February 2024
Tension in the Middle East could drive down insurance premium volumes, with Marine Cargo, Marine War, Aviation Cargo, Aviation War, Political Risk / Violence and Trade Credit insurance being the classes that most likely would be impacted , according to a recent report by actuarial consultancy OAC, part of the ... Read the full article
Marine insurance pricing instability a growing concern following Red Sea attacks: UIB
9th February 2024
The hijacking of the Galaxy Leader cargo vessel by the Houthi group and other attacks in the Red Sea has resulted in the diversion of ships towards a longer route, this alongside the cancellation of war cover for these vessels has led to higher marine insurance premiums, a challenge insurance ... Read the full article
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