Reinsurance News
marine insurance
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
Global Marine Insurance premiums hit $38.9bn in 2023, reports IUMI
25th September 2024
At its 150th annual conference in Berlin, Germany, the International Union of Marine Insurance (IUMI), a global association representing marine insurers, presented its analysis of the latest trends in the marine insurance market. In 2023, the global marine insurance premium base reached USD 38.9 billion, marking a 5.9% increase compared to ... Read the full article
Concirrus partners with Hellenic Hull Management to enhance marine underwriting
13th September 2024
Concirrus, a provider of AI-powered marine insurance intelligence, has partnered with Hellenic Hull Management (HMA) to improve and streamline HMA’s underwriting operations. The marine insurance industry faces challenges in modernising its practices, adhering to strict regulations, and managing increasing amounts of data. Traditional underwriting methods often lag behind technological advancements and ... Read the full article
Miller expands Marine team with Andrew Gordon appointment
13th September 2024
Miller, an independent specialist reinsurance and insurance broker, has announced the appointment of Andrew Gordon to its Marine team. Gordon's arrival marks another key step in expanding Miller’s Marine capabilities, following several senior hires last year, including Andreas Bisbas, Nick Lockyer, Lee Bright, and Craig Dennis. Nick Summers, Head of Direct Marine ... Read the full article
Insurwave & Ambrey team up to boost marine insurance & risk management
8th August 2024
London-based insurtech platform for specialty insurance, Insurwave, has entered into a strategic partnership with Ambrey, an organisation within martitime security risk management, which will see both firm's produce an integrated, comprehensive solution for marine insurance and risk management. The partnership will combine Insurwave’s specialty insurance technology with Ambrey’s maritime risk management technology ... Read the full article
AXA XL partners with US MIG to expand Inland Marine insurance offering
2nd August 2024
AXA XL and U.S. Marine Insurance Group (US MIG) have entered into an underwriting agreement to expand its Inland Marine insurance offerings in the supply chain and transportation sectors. Founded in 2015, U.S. Marine Insurance Group is an underwriting firm and licensed Managing General Agent that provides comprehensive insurance solutions for ... Read the full article
Navigators & General to be acquired by Geo Underwriting
1st August 2024
Geo Underwriting, a division of Ardonagh Advisory that offers diverse insurance solutions, plans to acquire Navigators & General (N&G), a marine insurance provider, from Zurich UK. Established in 1921 by Captain William Coombs, a WWI Veteran and Merchant Navy officer. N&G provides insurance coverage for a range of boats and vessels, as ... Read the full article
AIG appoints Dimitry Zilberud as Head of Marine, APAC
31st July 2024
Global insurer American International Group (AIG) has announced the appointment of Dimitry Zilberud as Head of Marine for the Asia Pacific (APAC) region. In his new role, Zilberud will be based in Sydney, Australia. In a statement, Emma Woolley, Global Head of Marine at AIG, said: “Dimitry has 26 years of insurance ... Read the full article
West P&I appoints Katy Shearer as Chief Risk Officer to strengthen risk management
16th July 2024
West P&I, an insurance provider for the global maritime and offshore industries, has announced the appointment of Katy Shearer as Chief Risk Officer, adding her role to the Management Board of Directors. This decision highlights Shearer’s significant contributions to the business and underscores the company’s focus on the increasingly complex risk ... Read the full article
Concirrus unveils sanctions module to complete launch of Quest One platform
25th June 2024
Concirrus, a provider of AI-powered marine insurance intelligence, has unveiled a sanctions module to complete the development and launch of its Quest One platform. Concirrus’ latest sanctions module provides the marine market’s first and only complete risk management solution – Quest One From what we understand, the platform makes Concirrus the only ... Read the full article
Vessel Protect appoints James Kent as Senior Business Development Underwriter
12th June 2024
Vessel Protect, a specialist war risk underwriter and part of Pen Underwriting, is enhancing its marine capabilities with the appointment of industry veteran James Kent as Senior Business Development Underwriter. Chris Goddard, Co-Managing Director of Marine at Pen Underwriting and CEO of Vessel Protect, expresses his enthusiasm for Kent’s appointment, stating, ... Read the full article
LMA revises marine insurance policy clauses
10th June 2024
The Lloyd’s Market Association (LMA), representing insurers and reinsurers in the London insurance market, has issued revised versions of the hull and cargo oil price cap clauses. These updates simplify the language to accommodate recent modifications in the oil price cap mechanism, adapting to changes in sanctions regulations. Arabella Ramage, Legal Director ... Read the full article
India approves three Russian insurers to provide marine cover after state-owned reinsurer backing: report
25th April 2024
Sources have told Reuters that Russian National Reinsurance, the country's state-owned reinsurer, has given financial backing to three insurers, enabling the Russian carriers to seek Indian approval to provide marine cover to tankers. The news comes as Russia looks to facilitate trade with India following Western sanctions related to its ongoing ... Read the full article
Cytora Partners with TradeAtlas for enhanced decision-making in marine insurance
9th April 2024
Cytora, a digital risk processing platform, has partnered with TradeAtlas, a global trade data company, to provide marine insurers with extensive import and export data for quicker and more precise risk assessments. Juan de Castro, Chief Commercial and Operations Officer at Cytora, underscores his excitement for this collaboration, stating, “Our partnership ... Read the full article
PCS designates Baltimore bridge collapse incident under its Global Marine & Energy solution
9th April 2024
Property Claim Services (PCS), a division of Verisk, has designated the Baltimore Bridge collapse incident, caused by the container ship Dali striking one of its support columns, under its Global Marine & Energy product. The division's process for estimating losses initiates when PCS anticipates insured losses surpassing the $100 million threshold ... Read the full article
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