Reinsurance News
marine cargo
Jason Olsen returns to Falvey Insurance Group as VP, Marine Cargo
7th February 2024
Maritime risks insurer Falvey Insurance Group has announced the appointment of Jason Olsen to the role of Vice President, Marine Cargo, welcoming him back to the company. Based out of Seattle, US, and effective February 12, Olsen will focus on a California-based underwriting portfolio. He is rejoining the firm following his ... Read the full article
Falvey Insurance Group appoints Tom Nasso as Chief Underwriting Officer
28th November 2023
Maritime risks insurer, Falvey Insurance Group has appointed Tom Nasso to its executive team as its new Chief Underwriting Officer. Nasso had accepted the position in May but was on gardening leave until his start date with Falvey this week. Mike Falvey, President & Chief Executive Officer of Falvey Insurance Group, commented ... Read the full article
QBE expands marine offer in Europe seizing growth opportunity
13th November 2023
Australian insurer QBE has expanded its marine offer in Europe, with products now available in Germany as well as France and the Nordics. While growth in the marine insurance market in Asia appears to be slowing, it has seen a strong performance in Europe, according to the latest statistics from the ... Read the full article
Frank Romeo to lead AXIS Capital’s marine cargo launch in the US
12th July 2023
AXIS Capital has appointed Frank Romeo to lead its entry into the US marine cargo insurance market. According to AXIS, the development of a marine cargo proposition tailored to the US market is part of the firm's broader strategy to maximise its global footprint while providing increased value to its customers ... Read the full article
Insurance rates to stay flat for Ukraine grain cargo shipments
22nd December 2022
Rates will not increase for Ukraine grain cargo insurance as the ‘AsOne’ Black Sea facility - which provides cover for shipments via Ukraine's grain export corridor - is to continue next year, Chris McGill, Ascot's head of cargo, told Reuters. Twenty-one insurers are part of the cargo insurance facility, led ... Read the full article
WTW appoints Oliver Scarr to senior cargo role in Asia
7th November 2022
WTW has said that it is appointing Oliver Scarr to be its new head of cargo in Asia in its marine team within its corporate risk and broking business. The firm said in a statement that Scarr will be based in Singapore and report to Lewis Hart, head of marine Asia. ... Read the full article
Ascot & Marsh to provide insurance for Ukraine sea corridor
29th July 2022
Specialty re/insurance group Ascot and broker Marsh have launched a marine cargo and war facility, which will provide coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between Russia and Ukraine. Placed by Marsh, and led by Ascot, the Lloyd’s facility ... Read the full article
Demanding and persisting underwriting for marine insurance industry: WTW
27th June 2022
Underwriting discipline persists for marine cargo insurance while underwriting for hull and liability remains demanding, according to the latest market update by WTW. A hard market continues for cargo insurance; however, renewed competition and enhanced growth targets in the marketplace have moderated upward rate movement in 2022. While rate increases are to ... Read the full article
West P&I Club addresses market underrating at renewal
22nd February 2022
The West of England P&I Club has released details of the targeted strategy it used at renewals to counter the challenges posed by what it sees as consistent underrating in the P&I market and the growth of unpredictable major claims. With these difficulties compounded by a weak investment market, the Club ... Read the full article
Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek
18th February 2022
The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article
Billions of dollars of imports at risk due to port, supply issues: analysts
18th October 2021
Analysts at risk modelling company Russell Group have warned that just under $2 billion of UK trade imports could be impacted in the run-up to Christmas if the current ports delays at Felixstowe continue into December. But with supply chains coming under pressure globally, losses will likely be acute elsewhere as ... Read the full article
Marsh Specialty adds leaders to UK Marine & Cargo Practice
15th September 2021
Insurance broker and risk advisor Marsh has announced the appointments of Sarah Dyer as Head of Logistics and Nick Adams as Business Development Leader within Marsh Specialty’s UK Marine & Cargo Practice. Based in London, Dyer will report to Louise Nevill, CEO, UK Marine & Cargo Practice, and Adams will report ... Read the full article
Rokstone launches $18m marine cargo facility
7th July 2021
Rokstone, the international speciality re/insurance MGA part of Aventum Group, has announced the launch of a new $18 million Global Facultative General Marine Cargo facility. The facility uniquely includes $5 million for niche selective cargo treaties and new reinsurance capacity solutions, and additional direct wholesale capacity is planned in the coming ... Read the full article
Parsyl sets record for parametric temperature claim payout
30th June 2021
Parsyl, a provider of insurance for essential supply chains, has settled a marine cargo insurance claim in 7 hours and 40 minutes, in what it says is a new industry record. The spoilage claim was paid to Niceland Seafood through Parsyl’s ColdCover Parametric product, which uses smart sensors and pre-configured spoilage ... Read the full article
Supply chains threatened as Suez disruption continues
26th March 2021
Analysts have warned that the ongoing blockage in the Suez Canal is likely to have significant repercussions for global supply chains, which have already been under strain since the outbreak COVID-19 pandemic. Figures from Euler Hermes, a trade credit subsidiary of Allianz, show that for each day the disruption continues, global ... Read the full article
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