Reinsurance News
marine cargo
Industry costs from Suez obstruction to exceed $100m: McGill & Partners
25th March 2021
Analysts at specialist broker McGill and Partners believe that the re/insurance industry could be looking at costs in excess of $100 million due to the ongoing obstruction in the Suez Canal. The vital trade waterway through Egypt has been blocked by a grounded ship since Tuesday, resulting in a backlog of ... Read the full article
Suez Canal blockage could drive $40bn in trade disruption: analysts
24th March 2021
The Evergreen container ship currently blocking the Suez Canal after plunging one of the world’s busiest trade routes into chaos could be carrying goods worth $89 million and threatens to create more than $40 billion dollars of trade disruption, according to analysis from Russell. Reports on the still-unfolding event say rescue ... Read the full article
Berkley Offshore Underwriting Managers launches ocean cargo line
22nd September 2020
Berkley Offshore Underwriting Managers, a subsidiary of W. R. Berkley Corporation, has announced the launch of an ocean cargo product line within its marine division. This new product will focus on providing coverage for cargo in transit, cargo stock throughput, and project cargo as offerings to US domiciled companies. Mark Bernas has ... Read the full article
Six of the world’s largest ports face increased geopolitical, windstorm risk: analysis
28th July 2020
Six of the world’s largest ports with a combined $1.14 trillion of import/export trade for the second half of the year are exposed to increasing geopolitical and windstorm risk in 2020, according to analysis by Russell Group. The trade volumes of each port easily exceeds $100 billion. Russell Group notes how Hong ... Read the full article
London Market adds modern slavery clause for marine cargo
22nd June 2020
Fidelis, Aon and Marsh have developed a new marine cargo clause for the London Market that is designed to keep the products of modern slavery out of the export supply chain. The group of brokers and insurers say the clause will make it a condition of marine cargo policies that the ... Read the full article
Louise Nevill joins Marsh JLT Specialty as CEO, UK Marine & Cargo
29th October 2019
Global re/insurance broker Marsh has announced the appointment of Louise Nevill as Chief Executive Officer (CEO) of Marsh JLT Specialty’s UK Marine & Cargo business. Nevill is due to join the firm early next year, arriving from Gard (UK) Ltd, where she has led the marine underwriting team as Vice President. She ... Read the full article
HSCM-backed insurtech Corvus develops silent cyber offering for cargo
26th July 2019
Corvus Insurance, an AI-driven insurtech MGA backed by ILS and reinsurance investment manager Hudson Structured Capital Management (HSCM), has expanded its product line with an offering that focuses on silent cyber risks posed by cargo insurance policies. The offering, called Smart Cargo + Cyber, will allow brokers and their policyholders to ... Read the full article
AXA XL partners with Vindati on Ocean Cargo insurance for SMEs
25th July 2019
The US Marine division of global re/insurer AXA XL has partnered with InsurTech Managing General Underwriter (MGU), Vindati, to offer Ocean Cargo insurance for SMEs through Vindati's proprietary rate, quote, bind, issue online platform. Vindati offers specialty products and an integrated shopping experience for brokers and agents. In addition to offering AXA ... Read the full article
Insurers can expect $65m in exposure value from stricken oil tankers: Russell Group
14th June 2019
Risk management company Russell Group has warned that cargo insurance companies can expect to experience a high exposure value following recent attacks on two oil tankers in the Gulf of Oman. The explosions that hit Japanese product tanker, Kokuka Courageous and the Norwegian tanker, Front Altair on Thursday occurred just weeks ... Read the full article
Marine sector profitability more vulnerable to attritional losses: IUMI
16th May 2019
The International Union of Marine Insurance (IUMI) has warned that the continued erosion of the premium base is making underwriting profitability more vulnerable to attritional losses, while all marine sectors are exposed to the increased risk of large, complex risks in 2019. Generally, notes the IUMI, major losses remain stable, with ... Read the full article
Pioneer hires Corton from Pembroke as cargo underwriter
13th February 2019
Pioneer Underwriters (Pioneer), part of Minova Insurance Holdings Ltd., has announced the hiring of Andrew Corton as a project cargo underwriter. Corton joins Pioneer as of March 1st from his most recent role with Pembroke Managing Agency where he held the role of divisional director for cargo underwriting business. At Pioneer, Corton ... Read the full article
RKH appoints JLT Re’s Julian Franzman as Asia Pacific marine head
29th November 2018
RKH Specialty, part of the Hyperion Insurance Group, has appointed Julian Franzman as Head of Marine Cargo, Hull and Liabilities for Asia Pacific. Franzman has over 30 years’ marine re/insurance experience and since 1997 has worked across the Asia Pacific region. He joins from JLT Re Asia Pacific, where he was Managing ... Read the full article
Willis Towers Watson develops geopolitical risk policy for cargo
21st September 2018
Insurance and reinsurance broker Willis Towers Watson has developed a new policy solution for the cargo market that provides protection for exposure to geopolitical risk. Cargo Undercover will minimise potential gaps in coverage and the likelihood of claims disputes, Willis Towers Watson said, as well as removing the need to establish ... Read the full article
AmWINS announces formation of two marine-focused MGAs
14th August 2018
Speciality insurer AmWINS Group has announced the formation of AmWINS Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU) - two specialty Managing General Agencies (MGA) focused on the marine industry. Executive Vice President Alex Rosas will lead ASLU from Sunrise, Florida, while Mark Bernas and Keith Blair, also both EVPs, ... Read the full article
AmTrust exits marine underwriting at Lloyd’s after strategic review
25th June 2018
Insurer AmTrust is exiting its marine lines of underwriting business in order to focus on more profitable areas of its book, following a strategic review. With the Lloyd's marine book known to be under pressure and one of the lines of business that the market itself has been analysing in its ... Read the full article
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